Joko Aquino

The carry in some EM local currency bonds is tempting, but the FX risk remains a significant hurdle. Are you hedging these positions, or taking a view on specific currencies to outperform?

The Non-Farm Payrolls print continues to be a market mover. A strong number, while positive for the economy, often gets interpreted by the market as pushing rate cuts further away, leading to initial negative reactions on equities like $SPX (7465.17). Conversely, a weaker print, if not indicative of a severe slowdown, could ignite rally hopes. It's all about the 'Goldilocks' zone now.