Recurring series

EM FX Daily Report

Finvaulta tracks 34 editions of EM FX Daily Report from J.P. Morgan, published between May 12, 2026 and July 15, 2026. Each edition is summarized on its own page.

Latest edition · July 15, 2026

JPM EM FX

This report provides a daily update on Emerging Market currency performance in the wake of a softer-than-expected U.S. CPI print. Analysts maintain tactical positions across various EM pairs, balancing global inflation trends against regional political risks and monetary policy.

Following a soft U.S. CPI print, Emerging Market currencies experienced a general bid as market participants priced out immediate Federal Reserve rate hikes. The report highlights tactical views, including maintaining long positions in TRY and utilizing tactical shorts in ZAR, while noting potential headwinds such as Middle Eastern geopolitical tensions and local political noise in Romania. The overall market tone is described as being in 'risk reduction mode' for specific regions, while others continue to perform based on carry trade interest.

Read the latest edition in full

Key takeaways from the latest edition

1.Softer U.S. CPI print boosted EM FX appetite by tempering Fed hike expectations.
2.J.P. Morgan maintains a long position in TRY, citing contained political risks and stability in the current FX framework.
3.Tactical risk reduction noted in ZAR due to ongoing geopolitical headwinds and consecutive fund selling.

What this series covers

Series at a glance

Editions tracked: 34
First edition: May 12, 2026
Latest edition: July 15, 2026

All J.P. Morgan research

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