EFTA Document EFTA01449353

16 May 2013 FX Blueprint: Dashing Buck Theme #9: Mexican Siesta • With the reduction of global tail risks, EMFX is still attractive as a carry proposition due to elevated interest rate differentials and reduced volatility. • However, differentiation could play a more prominent role as fundamental deterioration gradually spreads from the core to the periphery. a In some cases, government intervention will continue to have an important influence on short- term FX movements. • We st