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Decline in the currency losses of emerging markets
11/7/2018 12:00 am [rtl]The first week of the second half of 2018 marked a turning point in the emerging market currency market after suffering the worst quarterly performance in nearly a decade. Temporary factors are likely to be the main contributor to the remarkable performance of emerging market currencies led by the Mexican pesos and the Turkish lira during the past week. Emerging-market currencies rallied last week for the first time in six weeks, as the dollar weakened amid increasing trade frictions. The MSCI Emerging Markets index gained less than 0.1 percent in the first week of the second-half of 2018. Investors regained their appetite for emerging-market currencies cautiously last week after posting the worst quarterly performance in 7 months. Almost two years in the second quarter of this year. The JPMorgan Emerging Markets Index fell 0.9 percent in the three-month period to June, its biggest quarterly drop since the third quarter of 2011. Currencies In the lead , the local Mexican and Turkish currencies managed to drive emerging market gains after That both countries witnessed a presidential election that led to the victory of "Omlu" and a new term for President Erdogan after winning the support of more than 50 percent of the votes in both cases. Turkey's recent economic problems, which have pushed the Turkish lira to record levels of its lowest in the first half of this year, have not been resolved, but the local currency has rebounded with new pledges. In Mexico, the promises of Andres Manuel Lopez and the famous "Omlo" The Mexican peso gained 4.6 percent last week against the US dollar, its best weekly gain since 2011. After the Mexican currency saw losses of 1.4 percent from January to June against its US counterpart, it was the best performing currency among the market currencies Arising in the past week . The Argentine peso saw gains of more than 3 percent in the past week after the announcement of the resignation of two central bank managers. On the other hand, the South African currency "Rand" managed to achieve the weekly rise for the first time in 6 weeks. The South African Rand suffered 9.4 percent losses against the US dollar in the first half of this year. The Brazilian riyal also rose last week for the first time after three consecutive weeks of losses, with the central bank reiterating that it will not use its monetary policy to curb the currency's decline. Losses The Chinese yuan managed to reduce its losses last week against the US dollar, as the yuan reported on the central bank's pledge to keep the exchange rate stable by using all its monetary instruments. However, the Chinese yuan against the US dollar recorded losses for the fourth time in a row in the past week. The Indian Rupee was the worst performing currency among Asian currencies last week, continuing its losses in the first six months of this year, which amounted to 7 percent. The Russian ruble last week fell for the first time in 3 weeks, after falling 7.5 percent against the dollar in the first half of 2018[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=159869 [/rtl] |
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