Emerging Market Currencies Drop to 2024 Low After Iran's Attack on Israel [BNN Bloomberg (Canada)]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
coli.com.hk/en/ir
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Source: BNN Bloomberg
tensions and after robust US data boosted bets the Federal Reserve will delay interest-rate cuts. The MSCI EM Currency Index dropped 0.2% on Tuesday to the lowest since December. The US currency got an extra boost in early Tuesday trading after China moved to weaken the daily reference rate for the yuan after sustained dollar pressure. Haven demand for the greenback has also increased after Iran's attack on Israel pushed conflict between the two countries into a perilous new phase. China Loosens Grip on Yuan by Weakening Fixing as Dollar Gains “The undesired mix of geopolitics, high for longer rates and volatility in yuan and yen may continue to undermine sentiments in Asia ex-Japan currencies,” said Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp. in Singapore. Stronger-than-expected US economic data has damped bets on Fed rate cuts, suggesting the battle against dollar strength isn't going to end anytime soon. That has led to an increase in currency
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