EM FX: USDMXN, USDZAR Extend Impressive Intraday Surges

As noted above, the confluence of factors supporting the greenback and higher US yields is weighing in tandem on EM FX, with most major emerging-market currencies posting fresh session lows in recent trade. * USDZAR is now 1.3% higher, probing initial resistance at 16.4091 (Sept 16 high) ahead of 16.5327 (Aug 4 high), with weaker gold prices providing an additional ZAR headwind. Meanwhile, USDHUF is testing a cluster of highs around 320, with spot on course to reach fresh post-election highs. * Across LatAm, COP weakness stands out, with USDCOP trading higher for a ninth consecutive session, during which time it has rallied more than 5%. USDMXN is also extending its impressive intraday surge, with today's gain of more than 1% marking its largest one-day advance in percentage terms since June. On the topside, the next levels to watch are 17.5390 (Jul 29 high) and 17.6764 (Jun 24 high). * CLP is also facing the headwind of lower copper prices. USDCLP is just below recent 11-month highs, narrowing the gap to next resistance at 975.75, the 1.00 projection of the Jun 17 - Jul 23 - Aug 7 price swing.