US dollar softens EMs - BBH

Analysts at Brown Brothers Harriman noted that the EM ended last week on a soft note.  

Key Quotes:

"Fed tightening expectations were buffeted first by hawkish Dudley comments and then by the more balanced FOMC minutes.  

On net, the markets adjusted the odds for tightening by year-end a little higher from the previous week, and stand at the highest odds since the Brexit vote.  

Yet despite the strong jobs data in June and July, odds of a move onSeptember 21 or November 2 are still low, with the December 14 meeting seen as the most likely for the next hike."