Emerging market currencies to outperform G10 in 2023

FX_IDC:USDBRL   U.S. Dollar / Brazilian Real
With the global economy showing more resilience and the Fed slowing its pace of tightening, we believe EM currencies can outperform relative to G10 peer currencies this year. Attractive real yields should result in market participants accumulating exposure to developing currencies, while our assumption for contained banking sector stresses should lead to improved risk appetite

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