Natural gas continues to impress as inventories draw out and exports of US production ramp up slowly. Commodities have also outperformed despite the surge in the USD over the last few days; it’s currently trading at multi-month highs and is poised on a breakout. That hasn’t hurt many EM names; Brazil and Mexico have done well over the last few days. Steepening yield curves in the US have also helped banks. On the worst performers list, New Zealand has continued to plunge after dramatically outperforming global stocks for the last couple of years. Brexit-bashed GBP has also plunged.

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