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The dollar gained further with an accelerating momentum against EM currencies as MXN dropped -1.1%, RUB -0.4%, INR -0.4%. This EM rout yesterday, so far mainly caused by the dollar pushing higher translated into some widening in the risk premium between U.S. Treasury yields and local emerging-market bonds. EM bonds fell along with EM currencies and stocks. Shares from Mexico, Turkey, Brazil all traded at the bottom of our Z_score report at -2.2 along with EURJPY (a red flag) at -2 (2 std below their 20dMa). German orders fell for a third month while EU investor confidence dropped for a fourth month. A survey also suggested that European retail sales contracted for the first time in more than a year with all data (cfr. eco surprise index) now pointing at economic momentum fading and disappointing expectations .

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