Emerging Currencies Erase Gains as Traders Adjust Fed Wagers

-- Emerging-market currencies reversed earlier gains on Tuesday, led down by the Chilean peso, as traders continue to tweak their bets on US interest rate cuts this year.An index of developing currencies traded flat, after swinging between gains and losses all day. Colombia’s peso and the Brazilian real advanced as much as 0.5% against the dollar, some of the best performances in a basket of 23 EM exchange rates tracked by Bloomberg .

Thailand’s baht and Indonesia’s rupiah similarly took a leg down. The move came on the back of a weaker Japanese yen, which slid as US officials called for caution on currency interventions. In credit markets, the Philippines said it was selling as much as $2 billion from a two-part dollar sale on Tuesday, marking its first foray into public debt markets this year.

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