Investors ditch Bric basket plays as correlation soars
GLOBAL – Correlation between the Bric (Brazil, Russia, India and China) currencies has blown out over the past six months, increasing the cost of structuring Bric-basket trades. High charges have meant investors have chosen to tweak emerging-market exposures by trading baskets of alternative currencies, including the Indonesian rupiah, Malaysian ringgit and Turkish lira.
"Whereas the emerging market trade has traditionally been played through Bric baskets, other currency baskets are gaining a
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