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Emerging markets currencies pummelled by renminbi ripples
Mon Aug 17, 2015 11:23 am
Russia, Turkey, Malaysia and Taiwan headed a lengthening list of emerging market countries seeing their currencies pummelled by markets’ continued fixation with China’s slowdown and an imminent US rate rise.
Fighting in eastern Ukraine weighed on sentiment towards recession-hit Russia, as did another fall in oil prices, sending the rouble down 1 per cent against the dollar to its lowest level since February. The rouble has fallen 44 per cent against the dollar in the past 12 months.
“Russia’s central bank will find it extremely difficult to keep cutting rates at a time when the rouble is trading weaker against the dollar and the euro,” said Piotr Matys, FX strategist at Rabobank.................
To read further go to this link: .ft.com
Fighting in eastern Ukraine weighed on sentiment towards recession-hit Russia, as did another fall in oil prices, sending the rouble down 1 per cent against the dollar to its lowest level since February. The rouble has fallen 44 per cent against the dollar in the past 12 months.
“Russia’s central bank will find it extremely difficult to keep cutting rates at a time when the rouble is trading weaker against the dollar and the euro,” said Piotr Matys, FX strategist at Rabobank.................
To read further go to this link: .ft.com
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