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Flash: EM views in a messy environment - Nomura

FXstreet.com (Barcelona) - Nomura strategists note that on the EM FX front, they think it is time to think fresh.

They comment that they have been involved in various long EM baskets for more than six months and their initial global basket delivered strong returns, although entirely driven by gains on funding currencies. Their second global basket has largely traded in a range for the past two months, and they are becoming increasingly uncomfortable with the general notion of broad-based EM gains. On this basis, they are closing out our global EM basket, and looking to make related adjustments in other thematic EM positions in short order. They write, “Instead, our strategy will focus on long/short opportunities in the EM space. One theme to consider carefully in this context is how the EM complex will respond to a withdrawal of Fed stimulus.”

Flash: What is the outlook for Fed policy? - BBH

Brown Brothers Harriman analysts have asked, “What is the outlook for Fed policy?”
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Flash: BoJ appear unperturbed by rising JGB yields - BTMU

Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that BoJ Board member Miyao also spoke overnight and didn’t appear overly concerned by rising JGB yields which have been driven by “higher yields in the US” and “domestic stock market gains”.
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