JPMorgan cuts rising market currencies to ‘underweight’ By Reuters

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© Reuters. FILE PHOTO: The brand of Dow Jones Industrial Common inventory market index listed firm JPMorgan Chase (JPM) is seen in Los Angeles

LONDON (Reuters) – Funding financial institution JPMorgan (NYSE:) advisable promoting rising market currencies on Tuesday, finishing a 180 diploma pivot from the beginning of the yr when it was backing them to have a great run.

“We take one other step down in our EM danger allocation, transferring EM FX to UW (underweight)” the financial institution’s analysts stated in a analysis notice.

They cited the chance of an prolonged interval of EM progress underperformance versus developed markets like the USA, renewed “idiosyncratic dangers in giant EMs” in addition to rising COVID circumstances and slower vaccination programmes in growing economies.

“Having reduce CNY () and RUB (Russian rouble) overweights final week, and CEE publicity earlier than that, our GBI-EM Mannequin Portfolio is now underweight EM FX,” the financial institution stated.

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