Welcome to Crash Course, a podcast about business, political, and social disruption and what we can learn from it.

I'm Tim O'Brien. Every week on Crash Course, I'm going to bring listeners directly into the arenas where epic upheavals occur and

I'm going to explore the lessons we can learn when creativity and ambition collide

with competition and power.

Listen to Crash Course every Tuesday on the IHeartRadio app, Apple Podcasts,

or wherever you get your podcasts. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics, finance, investment, and international

relations.

Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course,

on the Bloomberg. If you want to go to emerging markets in FX this morning a one-two punch and

both of those lead to the same source, US sanctions, Russia threatening to retaliate

for a new round of sanctions announced by the United States and Erdogan's delegation

to the United States failing to secure any concessions from the administration in Washington.

Join me to discuss this Shahab Janoose Credit Sui's Global Head of FX Strategy.

Good morning to you, Shahab.

Morning.

EM FX, walk me through whether this is idiosyncratic or whether there's a much bigger story taking place here.

I think the underlying story is and has been the rising global yields, which obviously puts pressure on all emerging markets.

But on top of that you have clearly the trade story, the tariff story as well, which

is a severe risk to export-oriented economies.

And what happens then is if you then throw in specific themes like sanctions as well,

you've really got a very weak patient that's not necessarily ready

...