EFTA Document EFTA01379451

11 December 2017 Special Report: EMFX Outlook 2018: Growth.led Revaluation Conclusion: Answering 4 key questions What Is the view on broader EM FX for 2018? We believe EM FX can perform well for the remainder of 2017 and in 2018. This is based on the following factors: EM FX valuations are still attractive; 2 , There is room for further EM inflows (particularly into equities); Higher, more synchronized growth and narrowing gaps are supportive for EM currencies; EM's external vulnerab