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Emerging Markets and the US Dollar: What the Decline Means for EM Fixed Income

The decline in the Dollar versus Emerging Markets (EM) currencies began two years ago with more room to run, in our view. The unwinding of QE policies in the coming years will continue to weigh on the Dollar, and EM stands to benefit as capital inflows to EM ease important financial constraints. This should unleash stronger domestic demand and eventually more rate hikes than the Fed will deliver.

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