JPMorgan Cuts Emerging Markets FX and Local Rates to Neutral Amid Elevated Uncertainties

Deep News03-06

Due to persistently high uncertainties stemming from conflicts in the Middle East, JPMorgan has downgraded its rating on emerging market foreign exchange and local currency rate assets from overweight to neutral.

Just three days prior, the bank's strategists had already reduced the recommended overweight size for emerging markets.

"Emerging markets continue to face considerable uncertainty as the conflict between the U.S., Israel, and Iran enters its sixth day," strategists including Jonny Goulden, Anezka Christovova, Arindam Sandilya, and Michael Harrison wrote in a report on Thursday.

They took advantage of a market rebound on Wednesday to trim the remaining small overweight positions in emerging market foreign exchange and rate assets.

Energy prices and their impact on economic growth and inflation remain key sources of uncertainty.

The strategists acknowledged that, given the rapidly changing situation, further adjustments to positioning may be necessary in the coming weeks.

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