During the early stages of this year, we have seen a significant change in monetary policy forward guidance given by major central banks, the Fed and ECB in particular, which delivered some easing of financial conditions, particularly in advanced economies, but in emerging markets as well, although to a lesser degree.
Page 4 of 10  Yet the situation remains fluid, as illustrated by the recent downward pressure on emerging currencies in response to the renewed flare-up in trade tensions – even if, again, rising market expectations of lower US interest rates are cushioning the blow.