recommendations 3
Chart of the month 4
Latam at a glance 6
Argentina: Fine-tuning the depreciation policy 7
Mexico: minor bump on the road to recovery 11
Asia at a glance 15
Asian FX correlations… not created equal 16
The search for true relative value trades 20
INR tail risks rising 24
EMEA at a glance 26
Poland: budget busting 27
Turkey: Convergence of rates – structural or conjectural? 31
Real effective exchange rates 35
Key global economic and FX
assumptions 42
Currency reference table 44
Emerging markets FX strategy
biographies 45
Notes 47
Disclosure appendix 50
Disclaimer 51
Contents