Salient to Investors:

Themistoklis Fiotakis at Goldman Sachs said to curtail widening current account deficits, the Turkish lira, South African rand and Indian rupee would need to depreciate 30 percent on a trade-weighted basis, while the Brazil real and Chile peso need to fall 20 percent.

Fiotakis said the EM bond and FX selloff of the last month is likely to constitute only a small part of a longer trend for EM assets.

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