Watching the dollar closely post-CPI, implications for EM

That CPI print came in a touch hotter than expected, and while it wasn't a huge surprise given some of the recent energy moves, it certainly gives the Fed less wiggle room to hint at cuts anytime soon. I'm keeping a very close eye on the dollar here; a sustained push higher could really put pressure on emerging markets, especially those with significant USD-denominated debt. $EWZ is already looking a bit soft today at 34.855, and if that trend continues, we might see some interesting long opportunities developing in oversold EM names further down the line.