Goldman Sachs says underweight exposure to the CAD, NZD

Goldman Sachs Asset Management on emerging market currencies:

• remains overweight those offering both attractive nominal and real carry,
• despite expecting a near-term hit to global growth from the coronavirus outbreak
• favours RUB, MXN, INR
• funding via underweight exposure to CAD & NZD
• also overweight JPY (as a hedge for episodes of risk-off sentiment

An alternative view on EM from Morgan Stanley

• neutral on emerging-market currencies, citing growth risks from the coronavirus, easing moves by EM central banks, and continued USD strength