recommendations 3
Chart of the month 4
Latam at a glance 6
Brazil: recovery gains momentum 7
Mexico: Still lagging 12
Asia at a glance 17
Intervention here to stay 18
The dashboard this month 22
Crude differentiation 25
CNY…backdrop shifting 30
JPY-KRW downside 33
EMEA at a glance 35
GCC: Where did it all go wrong? 36
ILS: Never a dull moment 40
The zloty’s turn 43
Real effective exchange rates 47
Key global economic and FX
assumptions 54
Currency reference table 56
Emerging markets FX strategy
biographies 57
Disclosure appendix 62
Disclaimer 63