EFTA Document EFTA01459705

12 January 2016 FX Blueprint: Forever Young Theme #9: Asian provocateur Buy USD vs TVVD, KRW and THB Investors should diversity their focus from external vulnerabilities in EM (current account deficits, reserves, foreign ownership) to include internal vulnerabilities (output gaps, domestic indebtedness). As the fed hikes, rate differentials will narrow more in internally vulnerable EM markets. THB, 7WD, KRW & CNY stand out as the shorts to capture this theme in Asia. For global FX inve