Over the last five days bond bulls have been reigned in a bit as EDV, TLT, and VCLT have undeperformed. The Japanese yen has also traded poorly, but the local-currency returns of the Nikkei have been strong even though Japanese investors enjoyed a holiday to start the week. That’s helped push up DXJ, which hedges currency exposure. Brazil has performed very well along with a smattering of other EMs like Taiwan and South Africa. Turkey’s coup attempt last Friday helped push it down by over 3.7% today in USD terms.
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