Every indexed document

we expect the currency to appreciate in real terms if growth

which is an important electoral year. Therefore

we think the currency needs to weaken given the recent

despite showing some detachment from global factors and some positive inflows

and the currencies are not expensive relative to

central banks are interested in keeping their currencies stable

which reduces the downside risk for the trade

the Indian rupee seems to be the only one in the region that is expected

especially after the Bush tax cuts. However

Bank Indonesia has built good amount of reserves to prevent

outflows from these countries will adversely impact the

which we expect to continue depreciating in this new high US rates

Trump’s victory implies that political risks are becoming increasingly important in

and gives the ruble the best risk-adjusted carry

we prefer to use the EUR as a funding currency

we prefer to mitigate the abovementioned

the currency remains overvalued and highly

in particular given the expected improved foreign

FX & EM 2017 Year Ahead | 16 November 2016

we expect Russian foreign policy to become more conciliatory