The aggregate index is a function of regional sub-indices and is designed to be a proxy for emerging market growth and asset market performance, according to a Merrill Lynch press release. The regional sub-indexes include the ML Asia FX Index, the ML EMEA FX Index, and the ML LatAm FX Index.
“Our fundamental analysis on emerging market currency valuation still shows that emerging market currencies remain cheap and with the ML GEM FX Index we are seeking to track those currencies more effectively on a day-to-day basis,” said Daniel Tenengauzer, head of Global Currency Strategy Research at Merrill Lynch, in the news release.
More information about Merrill Lynch is at www.ml.com .
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