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EM fund managers move to more exotic currencies as dollar hits lows
Some of 2017’s top-performing emerging market fund managers are reshuffling their currency holdings, paring back bets on some of the asset class’ big names and shifting to more exotic currencies like the Czech koruna, Uruguayan peso and the Egyptian pound. The dollar’s bounceback in September, including its best week of the year to close the month, has not changed managers’ underlying bearishness on the currency. The shift represents a sense that the greenback’s remarkable slide against rivals like the Mexican peso and Brazilian real may stall - the dollar bounced to a three-month high versus the peso on ... (full story)