EM currencies continue to remain under pressure amid broader dollar strength, on the one hand supported by rising U.S. Treasury yields and relative resilience of the U.S. economy and on the other by the dollar’s safe haven appeal amid recessionary and security risks globally. We are thus doubling up on our strong dollar vs EMFX view. Even if we expect the central bank to keep on hiking interest rates, inflation keeps on accelerating and real interest rates remain negative. - Crédit Agricole
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