Emerging FX Index Heads to Worst Day Since 2023 on Iran Risks

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000An index tracking emerging-market currencies is heading to its worst drop in three years as traders dump risk assets amid fears of a prolonged military conflict in the Middle East.An MSCI total return gauge of developing nation currencies declined 0.9%, while the greenback and gold jumped as investors piled into safe haven assets. Central banks in Indonesia, Turkey and IndiaBloomberg Terminal had to intervene to anchor their currencies. Traders curbed bets on interest rate cuts in eastern Europe due to a spike in oil and natural gas prices.