When it comes to investors’ confidence towards EM, it’s all about the ability to prevent capital flight. We often see a close relationship between EM reserves vs. FX performance over time. There were moments in which EM was depleting their reserves to defend its currencies during 2023, but this completely reversed in the past 12 months. The issue is although EM is far more resilient, local currencies continue to depreciate against the dollar as investors position for a new world under President Trump.