The document discusses foreign exchange strategies focusing on EMEA currencies. It suggests going long on PLN and HUF due to competitive real exchange rates and strong German demand, while staying short on TRY due to insufficient reserves and external deficits. The document analyzes the impact of the Fed's monetary policy on global currencies, highlighting the underperformance of TRY and the outperformance of ILS and PLN. It also discusses the potential for more divergence in EMEA currencies and the impact of global liquidity tightening on certain currencies.
doj/DataSet10/EFTA01451214.pdf
{"title":"FX Blueprint: Thin end of the wedge","document_date":"2014-01-09","document_type":"other","key_locations":["EMEA","Poland","Germany","Turkey","Russia"],"key_organizations":["Deutsche Bank","Bloomberg Finance LP"]}