Emerging Market currencies opening weaker...

Emerging market currencies are being the week where they left off last, weaker. This on the back of the G7 comments, which to me were very little and thew comments out of the middle East concerning oil. The comments coming from oil ministers in Saudi Arabia and Qatar, were that OPEC may very well keep output unchanged at its March 15 meeting.

Dollar Yen remains weak. The market was expecting some sort of a statement out of the G7 and nothing came of it. Therefore many dealers "piled" back in, as in recent days there had been some scaling back of positions.

There were also comments out of South Africa. President Mbeki said that it is time to start considering alternatives to raising rates to reign in credit expansion, as rates are a blunt tool and drive the currency stronger.

All in all not a very good start for EM currencies. I remain with my positions for now (short dollars and looking for lower rates..in Latin America).

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