Model portfolio and trade
recommendations 3
LatAm at a glance 5
Mexico: Raising our MXN forecasts on reform hopes 6
Peru: Countering inflows 12
Venezuela: More of the same under Chavez IV 14
LatAm FX positions 18
Asia at a glance 21
Good times, bad times 22
Singapore: Macro & Strategy 28
China: RMB powers on, but for how long? 31
EMEA at a glance 36
ILS: Likely to outperform into 2013 37
UAH: Looming devaluation 40
ZAR: Monetary policy is the only game in town 51
Real effective exchange rates 57
Key global economic and FX
assumptions 64
Currency reference table 66
Emerging markets FX strategy
biographies 67
Disclosure appendix 70
Disclaimer 71