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10 Feb 2016
Pressure on EM currencies remained moderate in January – Nomura
Research Team at Nomura, suggests that combining reserve dynamics with EM FX price action, our Global EM FX Pressure Index (excluding China and OPEC countries) remained relatively stable for the month of January, indicating neutral-to-moderate pressure on local FX (higher index reading indicates lower pressure).
Key Quotes
“Increased pressure was most notable in Turkey, India and Indonesia, whereas countries with relatively high pressures last month (South Africa and Russia) saw a relative easing in pressure in January.
In the LatAm space, pressure broadly increased across the board, with Mexico leading (pressure of -3.27% for the month of January), with the outlier being Brazil, where pressure eased considerably last month.”
Key Quotes
“Increased pressure was most notable in Turkey, India and Indonesia, whereas countries with relatively high pressures last month (South Africa and Russia) saw a relative easing in pressure in January.
In the LatAm space, pressure broadly increased across the board, with Mexico leading (pressure of -3.27% for the month of January), with the outlier being Brazil, where pressure eased considerably last month.”