Emerging markets in currency battle as Dollar gains strength
Emerging markets in Asia are bracing for a currency showdown amidst the dollar’s ascent, with central banks gearing up for intervention.
Emerging markets in Asia are bracing for a currency showdown amidst the dollar’s ascent, with central banks gearing up for intervention.
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A strengthening dollar, the yuan’s relentless slide and war in Ukraine have been a toxic mix for emerging-market currencies this year. The MSCI’s gauge of emerging-market currencies has weakened about 8% this year, near the record annual drop of 8.7% posted during the 2008 crisis.
The MSCI EM Index has tumbled 31% this year so far, underperforming its developed-nation counterpart which is down 18%, as the strong dollar, stubborn inflation and slowing growth lessen the appeal of developing-nation equities.
The dollar has gained 17% against the pound so far this year, and it climbed past parity with the euro for the first time in two decades.
What we have attempted to show, is that whether the Rand is weak or strong, it is not necessarily a good or a bad time to invest offshore.
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The dollar has had a spectacular run, having risen more than 10 per cent against other major currencies since the start of the year.