Emerging market currencies will cede more ground against the dollar this year, r...
JOHANNESBURG/BENGALURU - Emerging market currencies will cede more ground against the dollar this year, reversing the brief rally at the end of 2019, Reuters polls of foreign exchange strategists found.
“As the economic cycle is nearing its endgame and markets continue to face elevated risks, more emerging market currency weakness lies ahead,” noted currency strategists at Societe Generale. “We expect modest depreciation of 5% in spot EM FX.” The remaining 27 picked emerging market currencies, which shows lack of conviction among forecasters despite these assets looking attractively cheap.
“The most important driver of China’s currency is now economic slowing, which is increasing in scale and scope,” said Lee Hardman, currency analyst at MUFG.
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