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After the sharp sell-off due to the Brexit vote in June, EM gained some significant traction in H2 2016. This traction was driven largely by the perceived improvement in the global liquidity backdrop. Such a benign outlook is no longer the case.
Emerging Markets have been buffeted by a variety of negative factors this year, but have remained resilient. The overriding factor is that the global liquidity backdrop remains supportive of “risk.” We expect this favorable outlook to continue ...
Favorable South Korean fundamentals should support the won. S&P recently upgraded Korea one notch to AA with a stable outlook, citing its sound fiscal position and flexible fiscal and monetary policies.