USD: USD Strong Against EM. Bullish. We remain bullish on USD, particularly against EM and commodity currencies. We expect no hikes at the upcoming Fed meeting. This could offer some temporary support to EM currencies, as markets are still pricing in roughly a 30% chance of a hike. However, we would expect any relief rally to be short-lived, as within a short time period, we would expect the market to focus on a December hike and weak EM growth. EUR: A Shift in Direction. Neutral. We remain bearish on EUR over the medium term but see reason for some support in the near term. EURUSD continues to be inversely ... (full story)