(30 NOVEMBER 2017)DAILY MARKET BRIEF 2:Optimistic on Select EM Currencies

While the market focus is clearly on Crypto currencies conditions are steady improving for EM FX. Constructive global backdrop including improved risk appetite and strong growth will send investors deeper into select EM currencies. Current EM weakness trigger by sudden steepening in US yield curve will provide investors with attractive valuation heading into 2018. Weak US data and dovish comments indicate that the Fed is not positioning for aggressive tightening. India remains a bright spot for EM investors, as 3Q growth should recover and likely surprise to the upside. Domestic conditions including consumer spending and narrowing trade deficit will support acceleration in growth.

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