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The Mexican peso has appreciated over 9% against the U.S. dollar since the stock market's mid-February turnaround. Jeremy Cook, chief economist at World First, said the stabilization of commodity prices will continue to bolster the Mexico currency.

"There is a tight correlation between the Mexican peso and oil and it looks like the bottom has been established for oil prices," said Cook. "Furthermore, wages are rising in the U.S. and consumers are coming back. This should increase trade between the U.S. and Mexico which is good for the peso."

Cook is also positive on the Indian rupee, saying the country is the fastest growing of the BRICs and this should help its currency, especially as it takes share from China. Also helping the Indian rupee, in Cook's view, is the nation's central bank which has kept inflation under control.

"The Indian central bank is meeting its policy objectives by controlling inflation and pushing growth-centric policies," said Cook, adding that India's exports are picking up due to beneficial trade ties.

Staying in the emerging markets, Cook said he is bullish on the Indonesia Indonesian rupiah, due to rising commodity prices and lower borrowing costs helping the economy.

"Recent moves by the central bank to change the way it sets interest rates amounted to a near-term cut which should lower corporate borrowing costs," said Cook. "Should this increase the equity valuations then there is an argument to be made for increased investment in Indonesia in what remains a very low yield environment."

Finally, Cook predicted the Japanese yen will keep strengthening because "currency markets are not listening to the country's policy-makers".

"The Bank of Japan is now in a corner and will need to act substantially soon," said Cook.

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