The dollar index weakened after data showed US consumer confidence rose to an eight-month high in December as the labour market remained strong, adding a new shine to riskier emerging market assets.The dollar index weakened after data showed US consumer confidence rose to an eight-month high in December as the labour market remained strong, adding a new shine to riskier emerging market assets.
High-yielding favourites including South Africa’s rand and Mexico’s peso firmed about 0.4% each, as markets count down days till the year end amid thinning volumes. Still, not all developing market currencies were equally hit as most Latin American units benefited from their exposure to commodities as prices of oil, base and precious metals surged for better part of 2022.
“The decline in US interest rates and mushrooming global economy tied to China provided tailwinds helping propel EM debt and equities, but this has been working in reverse in 2022–tailwinds are now headwinds,” said Peter Marber, head of emerging markets at Aperture Investors.
France Dernières Nouvelles, France Actualités
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