EM FX ended on a mixed note Friday, but capped off a very strong week overall. Best performers over the past week were RUB, ZAR, and COP, while the worst were PHP, CNY, and TWD. There is not much happening this week that could disrupt the weak dollar narrative, and so EM FX should continue to rally. Thailand reports Q4 GDP Monday, with growth expected to remain steady at 4.3% y/y. Despite the robust economy, price pressures remain low. CPI rose 0.7% y/y in January, below the 1-4% target range.