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FOREIGN EXCHANGE

Merrill introduces new index

Merrill Lynch has launched its Global Emerging Markets Foreign Exchange index. The bank says it is designed to provide a representation of global emerging markets FX that is transparent and sound from a macro-economic basis. It adds that the index is designed to replicate diversified exposure to the US dollar in emerging markets and regional exposure to the emerging markets of Asia, EMEA and Latin America. “Our fundamental analysis on emerging market currency valuation still shows that emerging market currencies remain cheap,” says Daniel Tenengauzer, head of global currency strategy research at Merrill Lynch in a press release. “And, with the ML GEM FX index, we are seeking to track those currencies more effectively on a day-to-day basis.”

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