Analysts at Brown Brothers Harriman explained that this EM rally could run for a while longer, but we still believe that some EM turbulence will return later this year. Key Quotes: "Look at how poorly EM and risk traded in the run-up to the March FOMC meeting. With this in mind, we identify some possible retracement objectives from the EM sell-off that started last autumn. Many currencies have already recouped their losses from December and so in many cases, we will be looking at a broader move that started in October/November." For more information, read our latest forex news.