Emerging-market currencies slumped and Australian bonds soared as global markets opened in Asia Monday, in some of the first signs of the growing financial fallout from Russia’s assault on Ukraine and the West’s response via sanctions.
The Russian ruble will be in focus, along with potential currency havens such as the U.S. dollar, which climbed against the euro and risk-sentiment proxies such as the Australian dollar. The South African and Turkish currencies slumped early on Monday as emerging-market currencies face contagion concerns. Australian 10-year bond yields dropped five basis points to 2.18%.
