Stronger data, low volatility and solid earnings helped characterize the foreign exchange markets over the past couple of weeks. Indeed, US economic data surprises have emerged from their Q1 slump after bottoming out in early April while Chinese and other EM surprises in general are close to turning point. We also note that since the beginning of the year data surprises in LATAM and Central and Eastern European outperformed both the G10 and EM more broadly, helping boost the appeal of local currencies. Meanwhile, despite the uncertainty over the geopolitical events in Eastern Europe, risk appetite and market ... (full story)