Business Maverick: Funds Are Furiously Selling Risky Emerging Market Currencies

The MSCI Emerging Markets Currency Index dropped for a second day on Wednesday, extending this year’s slide to 4.5%, the biggest for such period ever. Losses in the developing world were led by the Russian ruble, which fell for a fourth day amid talks about foreign-exchange intervention. Andean currencies also weakened, with the Colombian peso dropping to a fresh record against the dollar.

“The environment is not very forgiving for EMs,” said Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore. “An improvement in the global-growth outlook will be required to turn the sentiment on the dollar, which may only come next year.”

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Bruised Emerging Markets Are Battle-Ready for a US RecessionEmerging markets are well positioned to stare down a US recession and may even be able to lure investors their way.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: TikTok’s US data admission stokes fresh concernsThe popular video-sharing service has admitted that some of its employees have access to data on users, which has raised concern about whether TikTok was sharing that data with the Chinese government.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: US Stocks Decline as Recession Fears IntensifyStocks tumbled as recession fears gripped markets, outweighing the optimism over US-China talks aimed at tariff reductions
Source: dailymaverick - 🏆 3. / 84 Read more »