J.P.Morgan cuts emerging markets currencies to 'market weight'

​J.P.Morgan ​downgraded emerging ‌markets currencies to "market ​weight" from "overweight," citing uncertainty ‌from global monetary policy and the outlook ‌for artificial intelligence following the ‌US mid-term elections.

"While a lower cyclical ⁠backdrop ​is ⁠usually negative for EM FX, ⁠weakness in the AI-related ​equities is a factor ⁠that can reduce US ⁠exceptionalism ​and weigh on the USD," ⁠the brokerage said in a ⁠note ⁠on Friday.