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Emerging currencies set for best week since 1998 as stocks surge
By Bloomberg
on Oct 08 2015 12:00 AM
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China Slowdown China, the world's second-largest economy and the largest trade partner for several developing nations, is expanding at the slowest pace since 1990. The country will start to release data for September from next week. Exports probably dropped 6 percent from a year earlier, while inflation slowed to 1.8 percent, according to the median estimates of Bloomberg surveys. Indonesia's rupiah has jumped 9.4 percent against the greenback since Oct. 2, according to prices from local banks compiled by Bloomberg. The ruble strengthened 8.1 percent, Malaysia's ringgit rose 7.7 percent, while the Colombian peso advanced 5.2 percent. Pimco, which oversees $1.52 trillion of assets, said Thursday it expects emerging-market currencies to come under renewed pressure and favors investments that will profit from their depreciation. The rally is unlikely to endure due to slowing growth and prospects of policy easing in Asia, according to Khoon Goh, a senior strategist at ANZ in Singapore. Sharp Rally "While a delay in Fed rate hike expectations may have been the catalyst for the sharp rally in Asian currencies this week, we do not believe this is the start of a turnaround," Goh wrote in a report on Friday. "We still see challenging times ahead for Asian currencies." The MSCI Emerging Markets Index climbed 1.3 percent at 2:35 p.m. in Hong Kong, extending gains this week to 6.9 percent. All 10 industry groups rose. CNOOC Ltd. led energy shares toward the largest weekly increase since October 2011. Oil was set for its steepest weekly gain since August amid speculation an increase in demand will ease a global glut. Hong Kong's Hang Seng China Enterprises Index was set for its best weekly surge since April as investors speculated the government will take more steps to boost the economy. Indonesian shares headed for the best weekly gain since 2009 and Malaysian equities was poised for their steepest rally since 2008. "The Fed comments are prompting investors to come back to eme

  Link : http://articles.economictimes.indiatimes.com/2015-10-09/news/67935500_1_6-9-percent-1-8-percent-6-percent

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