Briefly from Barclays

the bank notes:

  • Strong global growth
  • elevated commodity prices
  • slowly tightening DM central banks

.... should continue supporting emerging markets

And:

  • Global inflation remains well-behaved
  • a move to "normality" is far away
  • Inflation fundamentals suggest a slow grind higher, rather than an inflexion point.

On currencies:

  • recent trade-weighted SGD weakness provides an opportunity to enter SGD longs ahead of Monday's Budget and the MAS monetary policy tightening in April
  • ZAR should remain supported into Wednesday's budget but we expect limited further appreciation
  • MXN potential upside, amid broad USD retracement, is limited

Trades for the week ahead:

  • Short USDSGD spot as trade-weighted SGD weakness provides an opportunity to enter longs and long BRLMXN spot, as BRL catches up with the rest of EM and further MXN gains look limited. ( ... These are existing trade recommendations and have not been issued just for the week. )