Ashwini Agarwal of Ashmore is not surprised by the rally seen in the global markets because it was on expected lines.In an interaction with CNBC-TV18 on Thursday, Agarwal, co-founder and partner at Ashmore Investment Management India, said, "Weakness in the US dollar has historically meant strength for emerging markets."Talking about the Federal Reserve Chairman Jerome Powell's dovish comments, he said, "Powell statements give us the sense that looking ahead US Fed is worried about the direction of economic data and therefore they have softened their stance a bit. However, one will have to wait and see what they do with rates in December and their guidance for 2019.""The consensus belief so far was a December hike by Fed and then four more hikes next year. However, a lot of the US Fed decision will be data dependent and dependent on other events like US-China meet at G20, OPEC meet etc", said Agarwal.When asked if the money movement from exporters into domestic plays would continue going forward, he said, "The theme of domestic consumer, industrial lenders would likely continue for the next 6-9 months. Overall, the market is still skittish on NBFC/property/couple of private banks being exposed to risk areas, which is impacting sentiment in the market in the short-term."On the earnings front, Agarwal said that they were reasonably optimistic on earnings and expect around 15-17 percent earnings growth going ahead. "However, the risk to this outlook is availability of credit," he said.Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.