November 3, 2025 09:09 PM GMT Global EM Strategist Does FX Volatility Drive Crypto Demand? We turned neutral on DXY. We remain constructive on EM local markets, but investors could consider diversifying funding currencies to improve carry profiles. Otherwise, this week we explore whether higher FX volatility drives higher demand for cryptocurrencies. Our results suggest the opposite. Key Takeaways Must reads from Global EM Strategy US Public Policy – Thinking Through the USMCA Review | 29-Oct-2025 In 2026, ...