Investment Management

The Case for Local Currency EMD

The U.S. dollar faces downward pressure due to a combination of macro and technical factors, and we believe a key beneficiary of this trend will be investors in sovereign emerging markets debt (EMD) that is denominated in local currencies. Several factors—a rising growth advantage, light market positioning, and attractive valuations in both bonds and foreign exchange (FX)—underpin our favorable outlook relative to other fixed-income asset classes.

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