EM currencies set to hold steady or pare gains for the rest of 2024 - Reuters poll [Yahoo! Finance]
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Source: Yahoo! Finance
Devayani Sathyan and Vuyani Ndaba 3 min read By Devayani Sathyan and Vuyani Ndaba BENGALURU/JOHANNESBURG (Reuters) - Most emerging market currencies are set to trade in tight ranges or pare some of the year-to-date gains in the next three months after the U.S. Federal Reserve curbed expectations for aggressive rate cuts, according to a Reuters poll. After enduring significant losses last year and in the first half of 2024, emerging market currencies made notable gains against the dollar in recent weeks after the Fed reduced borrowing costs by 50 basis points. However, the rally in emerging market currencies is nearing its end after Federal Reserve Chair Jerome Powell indicated the U.S. central bank would likely maintain quarter-percentage-point interest rate cuts moving forward. Rising geopolitical tensions have also steered investors towards the safe-haven dollar and away from risk-prone emerging markets. The broader foreign exchange poll projected the dollar to hold s
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