At Any Rate EM Fixed Income: Navigating choppier seas with a temperamental compass
9 snips
Jan 30, 2026 
Arindam Sandilya, J.P. Morgan’s EM Asia FX and country strategist, offers crisp Asia FX and country calls. Anezka Christovova, EMEA/LatAm local markets strategist, provides short-term technical signals and risk-appetite reads. They cover recent EM volatility, why EMFX turned more bullish, country-specific FX moves in Asia, tactical overbought signals, and implications for monetary policy and rates.
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EMFX Cyclical Turn Is Underway
- EMFX has likely entered a cyclical turn after a 14-year bear market, driven by reallocations and stronger growth momentum.
- The medium-term environment remains supportive despite short-term volatility and technical-driven moves.
Asia Moves Reflect Policy Signals, Not Full Coordination
- Recent yen moves and reported policy choices in Korea and Malaysia contributed to an acceleration in Asian currency appreciation.
- But Arindam cautions that this is not clearly a coordinated 'Plaza 2.0' policy push; market and idiosyncratic factors matter more.
Korea's Pension News Helped KRW Strength
- Arindam described how dollar/krw fell after reports the National Pension Service would buy about $20bn less FX, which eased depreciation pressure.
- He used this to illustrate policy permissiveness rather than a formal FX accord as a driver of moves.