In emerging markets, the renewed hopes of PBoC easing is fuelling a rally in the Chinese stocks. The Shanghai composite index is already up 17.5% YTD and data earlier today showing that the official manufacturing PMI headed back to the expansion zone of above 50.0 in March (50.1 vs previous 49.2) also boosted investor optimism.Accodring to Societe Generale USD/CNY may well close below 6.20 today on supportive flows. Elsewhere, USD/COP is once again on the verge of breaking above the 2600 mark and the March MPC meeting minutes today is unlikely to bring any respite.USD/BRL meanwhile closed below 3.20 after Brazilian President Dilma Rousseff calmed investor nerves by saying that the government will do whatever it takes to meet its fiscal target this year.

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