EMU: Annual Retail Sales slide 3.4% in December

Many asset managers will tell you that last year investing in emerging markets reaped healthy rewards, both in FX and duration. By definition, on the FX element alone, the means emerging market central banks were more reluctant to intervene. Firstly, according to Research Analyst Gareth Berry at UBS, “early risk aversion and fears of declining trend growth led to capital outflows in many markets, notably China, such that pressure limited reserve accumulation.”