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Watching the divergence in EM FX post-FOMC
The FOMC minutes didn't throw any major curveballs, but it's interesting to see how some EM currencies are reacting. While $BRLUSD is still feeling some pressure, now at 0.194, I'm noting the resilience, even a slight uptick, in $KESUSD, currently at 0.00773455. This divergence makes me wonder if we're seeing capital flow into specific markets rather than a broad EM exit, and it's definitely something to track on my watchlist for the coming weeks.
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It's always the quiet ones, isn't it? While everyone's watching the usual suspects flail, some of the less-talked-about currencies are just casually outperforming. Perhaps the smart money decided a quick vacation to Nairobi was in order.