Economics
Emerging Currencies Rally as Dollar Selloff Buoys Risk Appetite
- Measure of exchange rates climbs toward a one-month high
- Energy stocks rally after oil's rebound on Wednesday
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Emerging-market currencies rose to the strongest level against the dollar in a month as a slowdown in U.S. services expansion spurred speculation that the Federal Reserve will delay raising interest rates.
Malaysia’s ringgit and South Korea’s won strengthened at least 1.4 percent against the dollar. Turkey’s lira erased this year’s losses. Brazil’s real gained for a second day as the weaker dollar boosted some raw-material prices. Developing-market equities rose after oil rebounded on Wednesday. Hong Kong-listed Cnooc Ltd. and South Africa’s Sasol Ltd jumped more than 5 percent. Anglogold Ashanti Ltd. jumped to a 16-month high in Johannesburg.