"It’s apparently sorely needed, if this from Nomura’s Jens Nordvig on EM FX pessimism is anything to go by:
During my presentation [at Nomura's annual central bank conference], I asked a number of simple questions about currencies. One of them was on the 2015 outlook for EM currencies – 67% of the audience was bearish, with the rest evenly split between bullish and neutral, a pretty extreme result, as these polls usually have a lot of neutral answers.
Nordvig is less than convinced such an extreme is warranted. And we’d wonder, in passing, if FX is somehow more vulnerable to a desire for broad narrative than other markets. Maybe it’s simply that my inbox is more heavily populated by FX notes but the idea that FX traders and markets are “in need of a theme” to get by just keeps cropping up."
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