Investors are recommended to keep building longs in US dollar/emerging-market currencies while selling risk rallies, Marex Spectron says. "Last week's consolidation in EM has led to a predictable rally for USD with MXN, CZK, ZAR all weakening. USD/MXN has motored through resistance at 13.30 and looks set to extend its gains as markets now focus on more barriers on the downside on EUR/USD," it adds. "As we saw last week, despite temporary lapses, markets remain nervous vis-a-vis global growth forecasts and fresh headlines from Europe." USD/MXN is at 13.45, USD/CZK is at 21.16 and USD/ZAR is at 8.4030.
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