Lates News

With market speculation on rising US interest rates driving the dollar higher, emerging market currencies have given back all their gains so far this year. The MSCI Emerging Markets Currency Index fell by 0.2%. The index is now flat for the year and heading towards its lowest closing level since April 7th. There are increasing concerns in the market about the Federal Reserve under Powell shifting towards a hawkish stance, which has triggered a widespread recent decline in developing countries' currencies. Powell is expected to deliver a speech later today at the European Central Bank meeting in Sintra, Portugal, alongside counterparts from Europe and the UK. Asian currencies led the decline in emerging markets. With foreign investors net selling 1.46 trillion Korean won (approximately 938 million USD) in stocks, the Korean won fell to its lowest level since 2009.