Here are the key takeaways:
1 |Emerging FX markets are trading in a resilient tone. The Real has posted one of the biggest gains (+15.4%) among emerging and developed market currencies in the last 3 months.
2 | This recent rally is still the confluence of rising commodity prices, high-interest rates, the strong flow of foreign capital into the Brazilian stock market; Lula gaining acceptance by market players.
3 | At least for now, the risk of Putin’s use of any weapon of mass destruction may decrease. This implies that the risk-on sentiment should keep running in April.
4 | Will major global central banks shift up a gear and accelerate their planned pace of policy tightening?
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