汇丰银行-外汇市场展望（新兴市场）20170822-70页-emerging markets fx roadmap lightning can strike-20170822-hsbc

《汇丰银行-外汇市场展望（新兴市场）20170822-70页-emerging markets fx roadmap lightning can strike-20170822-hsbc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、22August2017EmergingMarketsFXRoadmapCURRENCIESEMERGINGMARKETSLightningcanstrikeGeopoliticaltensionsaside,EMFXvolatilitycouldbeAsiaPaulMackelelevatedaheadofcomingeventrisks–startingwiththeHeadofEmergingMarketsFXResearchTheHongkongandShanghaiBankingCorporationLimitedpaulm

2、ackel@hsbc.com.hkJacksonHoleforum+85229966565JuWangWesuggestintra-EMFXRVtradeswithfundamentalandSeniorAsianFXStrategistTheHongkongandShanghaiBankingCorporationLimitedvaluationjustifications,accompaniedbydecentyieldbuffersjuwang@hsbc.com.hk+85228224340JoeyChewTemporaryEURwe

3、aknesscouldpartiallyreverseCEE-3AsianFXStrategistTheHongkongandShanghaiBankingCorporationLimitedoutperformance;maintaincautiontowardsKRWandTWDjoey.s.chew@hsbc.com.hk+85229966568MadanReddyFXStrategyAssociateBangaloreInsidethiseditionoftheEMFXRoadmap…CEEMEAWehavebeensayingfors

4、ometimethatEMcurrenciesarelikelytofacemoreMuratToprakCEEMEAFXStrategistheadwindsin2H17.Indeed,EMFXcameundersomepressureinearlyAugustamidHSBCBankplcmurat.toprak@hsbcib.comariseingeopoliticaltensions.Volatilitycouldpersist,givenseveraleventsahead,+442079915415startingwiththeJa

5、cksonHoleforum.DominicBunningSeniorFXStrategistHSBCBankplcWiththeDXYhoveringaboveitstechnicalsupportlevelof92-93andanongoingdominic.bunning@hsbcib.comstalemateinEMversusUSeconomicdatasurprises,therisk-rewardofbroadly+442079922113LatAmsellingUSD-EMisunfavourableatthisjuncture

6、.WepreferrelativevaluetradesDaraghMaherwithinEM–thosethathavestrongfundamentalandvaluationjustifications,andHeadofFXStrategy,USHSBCSecurities(USA)Incdecentyieldbuffers(seeouropentraderecommendationsonpage8).daragh.maher@us.hsbc.com+12125254114Wesuggestbuyingselecthigheryield

7、ingEMcurrencies–suchastheINR,theIDRClydeWardleSeniorFXStrategistandtheTRY–againstsellingtheEUR.Wealsoadvocateacautiousstanceonlow-HSBCSecurities(USA)Incclyde.wardle@us.hsbc.comyieldingcurrenciesthathaveseenlargeamountsofforeignportfolioinflowsearlierin+12125253345theyearand/

8、orareexposedtotemporaryEURweakness,namelytheKRW,theDavidDuongSeniorFXStrate