In August, our clients were sellers of USD versus KRW, CNY, INR; buyers of USD versus THB, IDR, PHP
• Our custodian clients were sellers of USD versus KRW; substantial buyers of USD versus THB and PHP
• Short USD positioning is now substantial ver...
• Local fundamentals are likely to prevail now that some element of an early tapering of QE is priced in
• We remain Overweight FX and duration on Nigeria on supportive fundamentals and valuations
• We also maintain an Overweight duration stance o...
• Prospects in the Sub-Saharan African region remain largely positive, despite uncertainty related to market expectations of Fed tapering, and a slowdown in China’s growth trend to more sustainable levels.
• South Africa is more susceptible to glob...
• This supersedes the version dated 20 June 2013. Changes Ghana FX weighting to Neutral.
• Three sources of vulnerability will add to short-term market volatility: the concentration of foreign holdings, correlation to UST and local-market liquidit...
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