Analysts at Brown Brothers Harriman explained that EM started the week off on a firm note, though we note that many markets were closed Monday due to the Easter holiday. Key Quotes: "For now, EM is benefitting from a supportive global liquidity outlook. In that vein, this week’s speech by Yellen will be very important. So will the US jobs report on Friday. All in all, we believe that this bounce in risk sentiment remains fragile, and that the eventual re-pricing of Fed tightening risks will be a big hurdle for EM. As usual, specific EM country risk remains in play. Brazil’s political outlook may become clearer after the PMDB meeting, though we caution investors not to get too bullish with regards to impeachment. China offers its first glance at March with the PMI readings. Korea and Brazil report the first March trade readings, and little relief is seen." For more information, read our latest forex news.