EM currency volatility to continue

The recent sell-off in emerging market currencies has been led by the Turkish lira and Polish zloty, which have lost almost 8% and 6.5% respectively, over the past two weeks. These currencies had been relatively resilient in the past few weeks, with Latin American currencies, such as the Brazilian real, bearing the brunt of the risk aversion sparked by higher US Treasury yields.

"As the US Treasury yields started to push higher, it started to bring a lot of nervousness into the market. The risk

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