EFTA Document EFTA01379444

11 December 2017 Special Report: EMFX Outlook 2018: Growth-led Revaluation zero and they are ending the year in negative territory (chart). As we mentioned above the USD factor was not the sole driver of returns as idiosyncratic shocks were significant especially in Turkey and South Africa. iThe year of the carry trade? Not really... SibOrt• ,o:. o,,, teak Won, fon NO O 404" to P 2% 92% 2z •1516 '481., fine Nhtm ;NO Sauce awns. 8.* Secenberg Armor LP n 1% 13 6% 47% PPP Oar Pi