Economics
Emerging Currencies Rise on Fed Outlook as Chinese Stocks Rally
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Emerging-market currencies rose for the second time in three days and stocks gained as weaker-than-forecast U.S. economic data spurred that speculation the Federal Reserve won’t be forced to raise U.S. interest rates soon.
A gauge tracking 20 currencies advanced 0.3 percent as the lira and rand climbed from record lows and Brazil’s real strengthened from its weakest level in 12 years. The Shanghai Composite Index surged to a five-year high after Premier Li Keqiang pledged to act if economic growth slows too much. Shares in Turkey, a net oil importer, rallied 2 percent as crude fell to a six-year low. OAO Gazprom lost 1.5 percent in Moscow.