德银-新兴市场-外汇市场-新兴市场外汇投资组合更新-20180123-17页

DeutscheBankResearchEmergingMarketsEconomicsForeignExchangeFXSpotFXVolatilityDate23January2018EMFXEMEAFXPortfolioUpdateandChartpack:RidingtheRandwagon________________________________________________________________________________________________________________DeutscheBankAG/LondonDISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.GautamKalani,Ph.D.Strategist(+44)20754-57066gautam.kalani@db.comInthisreport,weprovideanupdateofourEMEAFXviewsandrecenttrades,alongwithcorrespondingcharts.Webeginbyre-iteratingourbullishviewonbroaderEMFX,andwiththisbackdropthendelveintotheviewsonspecificEMEAcurrencies.Insum,wearebullishonZAR,TRY(tacticallyviaoptions),HUF;neutralonRUB,CZK;bearishonILS(tactically).Wecontinuetobelieveinthelong-termpositivestoryforPLN,butaresomewhatcautiousatcurrentlevelsgiventherec