Emerging Currencies Fall as U.S. Jobs Outlook Stokes Fed Concern
- Gauge of exchange rates weakens for third day in a row
- Oil rally lifts equity benchmark as energy companies rise
Is It a Good Time to Be in Emerging Markets?
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Emerging-market currencies fell for a third day as better-than-forecast U.S. jobs data strengthened the case for the Federal Reserve to raise interest rates, damping demand for riskier assets in developing nations.
The MSCI Emerging Markets Currency Index slid 0.1 percent, capping its longest streak of losses in three weeks. South Africa’s rand was the worst performer. The Russian ruble rose and energy companies buoyed the developing-nation equity benchmark as Brent crude sold for the highest price in four months amid growing speculation that a global oil supply glut may clear.