EFTA Document EFTA01379446

11 December 2017 Special Report: EMFX Outlook 2018: Growth-led Revaluation IEM currencies ranked on 'defensive' metrics: THB. RUB and BRL have the best defenses best dolenese ► 1163 IIUO IWO BBL ts PEN 'NR - webst 'X Awry, adswir6 -News .0444411 Wow Oflateseal We also highlight that all tout of our preferred 'defensive' longs - RUB, BRL. THE, KRW - have relati:.My lx:t ?IS to the broad dollar and also US real rates (chart below). These betas are lower when estimated over t