LCY Auction Data
A daily framework for identifying whether 120 different global currencies are attractive investment opportunities, or cheap for a reason. It combines valuation, macro support, and external vulnerability to distinguish buying opportunities from value traps.
A multi-faceted framework is vital in EM
In EM FX, cheap currencies do not always rebound. Some are supported by fundamentals; others remain weak or deteriorate further.
Valuation alone is not enough. It is a long-run anchor, but outcomes are driven by real rates, policy credibility, and external stability. Investors need a framework that distinguishes between mispricing that will converge and ‘mispricing’ that will persist.
How the framework works
Tellimer’s FX Valuation provides a daily, decision-focused view of EM currencies. It combines multiple valuation anchors, bilateral real FX, REER, and PPP, to identify cheap and rich currencies.
This is overlaid with real rate differentials versus the US to assess carry support, and with external indicators such as reserves, current account dynamics, and sovereign risk pricing to evaluate vulnerability.
The result is a clear shift from “is it cheap?” to “is it cheap, supported, and stable?”
What you will see
The product delivers a structured view of opportunities across EM, centred on a daily composite Fair FX Score and cross-market ranking.
Each country page integrates valuation, macro support, and external risk into a single view, complemented by carry trade analytics showing realised USD investor outcomes.
Key outputs include:
Composite Fair FX Score and rankings
Country-level valuation and risk views
Carry and real rate support indicators
Historical and forecasted carry trade returns
External stress and FX regime signals
API-ready data
Why this matters
Tellimer links valuation to carry, external stability, and realised investor outcomes -allowing investors to assess not just whether a currency is mispriced, but whether that mispricing is investable.
It enables fast, consistent comparison across EM, helping investors identify supported opportunities, avoid value traps, and prioritise risk-reward.
From “this looks cheap” to “this is investable.”