After a lot of political noise, the Trump administration is finally starting to gear up the economic policy agenda.
This may reignite the second leg of the 'Trump trade' following a brief pause.
We recommend positioning for a stronger USD and a leap higher in US equity markets in coming months.
US yields may also increase but the crux is the Fed reaction to Trump's fiscal plans.
A stronger USD and higher US yields, together with a Chinese economic slowdown, are likely to weigh on emerging market currencies over the next few months.
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