In this edition we highlight:

1) Challenges to market resiliency, including trade wars, central bank personnel changes, and complex Brexit negotiations.
2) Risks to the downside that threaten an extended Emerging Market rally.
3) An overview of Emerging Market countries.
4) Currency Forecasts.

Compliance Notes:
This material has been prepared by Brown Brothers Harriman & Co. (“BBH”) and is intended for information purposes only. This communication should not be relied upon as financial, investment, tax or legal advice. This communication should not be construed as a recommendation to invest or not to invest in any country or to undertake any specific position or transaction in any currency. This information may not be suitable for all investors depending on their financial sophistication and investment objectives. The services of an appropriate professional should be sought in connection with such matters. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete in its accuracy and cannot be guaranteed. Sources used are available upon request. Any opinions expressed are subject to change without notice. Please contact your BBH representative for additional information. BBH’s partners and employees may own currencies in the subject of this communication and/or may make purchases or sales while this communication is in circulation. This communication has been prepared for use by the intended recipient(s) only.

IS-03832-2018-03-26