JPMorgan's Cavenagh: 'Underweight' Philippine Peso

The video discusses the potential risks associated with the upcoming Federal Reserve cycle, emphasizing the challenges in the currency markets, particularly in emerging markets. It highlights the lack of positive spillovers from China and the need for caution even when the Fed is cutting rates. The speaker suggests a selective underweight strategy in emerging market currencies, focusing on specific regions like EM Asia and the Philippine peso due to anticipated economic challenges.

What specific currencies are mentioned as being underweight in the current strategy?

What are the reasons for caution regarding emerging market currencies in the second half of the year?