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),