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The View from Kilimanjaro: EM FX in a QE world
The Emerging View
25 September 2015
Enormous, majestic and almost perfectly symmetrical, Kilimanjaro is Africa's highest mountain and it never fails to impress. The mountain has three distinct sections - a gradually rising western face that gives way to a wide, almost flat snow-capped roof and an eastern slope that tumbles towards the Tanzanian plains interuputed only by a few wobbles before merging into the surrounding savannah. Kilimanjaro's iconic shape also happens, quite by accident, to describe the likely evolution of global currencies under quantitative easing (QE).