Emerging-Market FX Swings Top Developed Peers After Record Lull

South Korean 10,000 won banknotes prepared at the Bank of Korea in Seoul.Photographer: SeongJoon Cho/Bloomberg

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March 5, 2026 at 4:38 AM UTC

Emerging-market currency volatility has surged above that of developed-market peers this week for the first time since May, breaking a stretch that was the longest on record.

JPMorgan’s EM volatility index rose above a similar Group-of-Seven gauge on Tuesday after 209 days below it — the longest stretch on record in data going back to 2000. That happened as Brent crude surged to the highest since July 2024 this week due to the Iran war, and South Korea’s Kospi stock index suffered a record drop on Wednesday.