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Emerging Markets Fall Amid Dollar and Oil Gains
Most emerging market currencies declined as the US dollar and oil prices rose, due to uncertainty surrounding a potential agreement between the United States and Iran over the waterway. This led to an increase in Brent crude oil prices and a drop of at least 0.3% in currencies such as the Brazilian real, the Hungarian forint, and the Chilean peso. The South Korean won was the most affected, mainly due to foreign investors’ sales. Meanwhile, the MSCI Emerging Markets Index rose, supported by strong performances in technology and artificial intelligence companies. Eastern European bonds also performed well following a positive credit rating confirmation. The market is now assessing US inflation data, which will influence the trajectory of the dollar and monetary policy, amid some hesitation about how regional developments might impact global markets.
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