Emerging currencies erase war losses as traders bet on peace
Summarize this article with:
48{x9{bl5p[[wj3021d[mrqt_media_dl_1.png BloombergArticle contentA key gauge of emerging-market currencies has fully recovered its losses from the start of the United States-Iran war, driven by optimism that the conflict is de-escalating after Iran reopened the Strait of Hormuz.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe MSCI Emerging Markets Currency Index rose 0.6 per cent to 1,884.37 points on Friday, after Iran announced that the Strait of Hormuz is now “completely open” for commercial traffic. The latest development sent oil prices down more than 10 per cent, with Brent crude trading at around US$86 per barrel amid revived optimism there may be an end in sight to the conflict.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle content“While there might still be some doubts over whether shipping is fully back to normal, market seems to think the worst is behind us,” said Dan Pan, an economist at Standard Chartered Bank in New York. “Lower oil price also supported rally among some energy importers.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentIran’s announcement comes after Trump earlier had claimed concessions by Tehran will pave the way for a deal to end the war that continues to choke off supplies from the Persian Gulf. Trump later said the U.S. naval blockade will of the vital energy transit route will remain in place until “our transaction with Iran is 100 per cent complete.”Article contentThe conflict, which started at the end of February, has caused chaos across global financial markets, sending the price of Brent crude briefly near US$120 a barrel and tanking stocks. A gauge tracking emerging-market equities is also at the cusp of erasing losses since the onset of the war at the end of February.Article content“We remain constructive overall, as valuations and positioning have both reset, and earnings growth is likely to be strong per our baseline macro assumptions,” Goldman Sachs strategists led by Kamakshya Trivedi wrote in a note April 15.Article contentThe S&P 500 Index erased its war losses earlier this week, in part bolstered by strong corporate earnings.Article content—With assistance from Philip Sanders.Article contentBloomberg.comArticle contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentTrending Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Canadian quantum company Xanadu soars to $16 billion valuation after Nvidia release Innovation How much money should Gerry, in his 70s, have in equities, bonds and cash?
Personal Finance Posthaste: What Mark Carney's gas tax cut could mean for the Bank of Canada News A rise in mortgage rates may ‘pull the rug' out from under the spring housing market, says CREA Mortgages Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy Canadian quantum company Xanadu soars to $16 billion valuation after Nvidia release Innovation How much money should Gerry, in his 70s, have in equities, bonds and cash?
Personal Finance Posthaste: What Mark Carney's gas tax cut could mean for the Bank of Canada News A rise in mortgage rates may ‘pull the rug' out from under the spring housing market, says CREA Mortgages