Volatility in emerging-market currencies is surging as uncertainty about the future of global central bank policies that support demand for riskier assets disquiets what had been the calmest period this year. In less than two weeks, a JPMorgan Chase & Co. gauge of exchange-rate fluctuations jumped to a three-month high from near the lowest level since August 2015. The shift comes as traders try to handicap the path of Federal Reserve interest rates and the Bank of Japan’s stimulus as both monetary authorities meet this week.
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