Morning Bid: US soft landing hopes lift EM assets
The trading week gets underway in Asia on Monday, with investors in pretty good spirits following last week's rebound in risk appetite as the fabled U.S. 'soft landing' comes back into view, a scenario that should bode well for Asian and emerging markets.
U.S. data and expectations have also slumped in recent months, but there are signs of stabilization, and investors are cooling on bets that the Fed will be forced into delivering a jumbo-sized rate cut next month. Since the first week of July when the dollar was at a 38-year high around 162.00 yen, CFTC funds have completely covered one of their biggest short yen positions on record and the Japanese currency has rallied around 10%.
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