Analysts at Brown Brothers Harriman explained that this EM rally could run for a while longer, but we still believe that some EM turbulence will return later this year.
"Look at how poorly EM and risk traded in the run-up to the March FOMC meeting.
With this in mind, we identify some possible retracement objectives from the EM sell-off that started last autumn.
Many currencies have already recouped their losses from December and so in many cases, we will be looking at a broader move that started in October/November."
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