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Emerging Markets and the US Dollar: What the Decline Means for EM Fixed Income

The decline in the Dollar versus Emerging Markets (EM) currencies began two years ago with more room to run, in our view. The unwinding of QE policies in the coming years will continue to weigh on the Dollar, and EM stands to benefit as capital inflows to EM ease important financial constraints. This should unleash stronger domestic demand and eventually more rate hikes than the Fed will deliver.

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Dr Jan Dehn, Global Head of Research and member of the Investment Committee, joined Ashmore in 2005. As a global strategist and economist, with vast experience in international macroeconomic issues, Jan is responsible for making key calls on markets and economies at a global level. His expertise spans developed and Emerging Markets with particular emphasis on the international linkages between economics, finance and politics. At Ashmore, Jan has traded developed and Emerging Markets, including sovereign external debt, local currency bonds, FX, corporate bonds, and Frontier Markets.

Earlier in his career, Jan was a strategist at Credit Suisse First Boston in New York and London. He has also worked as a consultant at the World Bank in Washington DC undertaking research on public finance and commodity issues, and has been an economic adviser to a number of Emerging Markets governments.

Jan holds a Doctorate in Economics from Oxford University, a Master’s Degree in Quantitative Economics from Warwick University, and a Bachelor’s Degree in Economics from Sussex University. He has lived on three continents and travelled to more than 140 countries. He is also a fully qualified wooden shipwright.

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