currency

Underweight GBP and EUR

2019 was marked by US dollar appreciation

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The US dollar has performed well, up more than 7% since the end of 2017, and continues to enjoy a number of supports.

Hard currency (HC) and local currency (LC) emerging market debt (EMD) have already delivered 13% and 10.3% this year respectively.

Most fixed income has performed well in 2019 aided by the change in outlook from many central banks around the world and the gross redemption yield (GRY) on many bonds have fallen to very low or negative levels.

Safe‑haven status of the dollar remains intact

Pound hovering over $1.23 region amid Brexit fears