Business Monitor’s bullish stance on a host of emerging market (EM) currencies in recent quarters reflects one of our core macroeconomic assumptions, namely that unprecedented quantitative easing and loose fiscal policy measures in the US in 2009 would ultimately foster significant depreciatory forces for the US dollar. While this may not be visible in the [Read more...]
If you think emerging Europe currencies have run their course to the downside, take another look at the CIS (Commonwealth of Independent States). This being the only European sub-region dominated by dollar pegs, monetary authorities for the most part have only recently succumbed to mounting fundamental pressures. While the Ukrainian hryvnia, Russian rouble and Georgian [Read more...]
Latvia is the newest victim of the credit crunch. This is not official. No formal application has been made for an IMF bail-out package, nor has it made the front pages of any major newspaper of record on the continent. That said, with the economy contracting by 4.2% in the third quarter (down from 10.1% [Read more...]
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