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雷达卡
As 2016 comes to a close，EM FX as a group is right where it started.Relative to the beginning of the year，Asian currencies have weakened a few points vs.the USD；LatAm currencies are also unchanged despite the opposing paths followed by the MXN and BRL；and EMEA FX is slightly stronger pulled by the recoveries of the RUB and ZAR.Performance has not only differed within regions but has also been heterogeneous over time.The“incomplete adjustment”we highlighted in last year’s handbook weighed heavily across EM FX in the earlier part of 2016 pushing valuations to extreme levels.As DM investors escaped near zero yields pent-up search-for-yield demand grew ultimately leading to a strong recovery of EM FX，which was only challenged recently by the strengthening USD post-US election.
20161221-DEUTSCHE_BANK-EM_CURRENCY_HANDBOOK_2017：OVERCOMING_USD_STRENGTH-941182.pdf
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