Trump Surprise Just Another Test for Emerging Markets: Continued Resilience Unlikely to be Derailed

The unexpected election of Donald Trump as the 45th US president has sent Treasury yields higher and strengthened the dollar. However, risk assets – including emerging market (EM) currencies – have weakened materially.

Policy uncertainty may delay the market’s return to viewing EM markets more positively, but the aggressive repricing of local yields and currencies over the last week means valuations are now considerably more attractive than before the US presidential election.

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