Strong sentiment usually favours emerging market currencies but that is not the case this Monday. While rumours of fiscal expansion in Germany and US license extension to Huawei led indices higher, EM currencies are clearly declining against the US dollar. The Turkish lira is down 1.2%, followed by Brazilian real (0.9%) and Mexican peso (0.8%). As a result USDTRY is at the highest level since 29 July, 4% up from its low from 8 August.
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