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gold-jigsaw

With little resolved in 2012, a growing number of currency managers expect cracks in the emerging market credit cycle to come to the fore.

Already in the past year, some of the most profitable trades have been those that short EM currencies such as the Brazilian real and South African rand. Similarly, the Indian rupee has disappointed EM bulls by failing to implement the right policies as expected.

Stephen Jens, co-portfolio manager at SLJ Macro Partners in London, says all the focus on GDP has

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