Industrial production

<p>All is quiet on the Western front with US traders out of the office on the annual Martin Luther King bank holiday. Markets are predictably subdued amidst the lower liquidity conditions, with most risk assets seeing oversold bounces or at least consolidating after getting massacred the first two days of the week.</p>

<p>As we’ve noted repeatedly over the first trading week, emerging market currencies have been getting walloped as panicked FX traders sell any holdings they see as risky for the perceived safety of the US dollar and Japanese yen. As the chart at the bottom of this report shows, the Mexican peso has certainly not been spared from the EM FX massacre....