BENGALURU/JOHANNESBURG - REUTERS POLL -NO REBOUND SEEN FOR EMERGING MARKETS CURRENCIES AS INVESTORS PONDER ELECTIONS, SCOPE FOR US EASING
Limited by a strong dollar this year, nearly all emerging markets currencies were forecast to weaken, or at best trade in a range in the next three to six months, according to the May 31 - June 4 survey of over 50 foreign exchange strategists.Emerging markets assets have gained slightly after weak U.S. data suggested the Fed might start cutting interest rates as soon as September, which could ease the pressure from the dollar.
"We continue to think the dollar will be on the front foot for some months until inflationary pressures ease and the Fed pivots towards rate cuts." The Mexican peso closed on Tuesday at its weakest to the dollar since November after the country's ruling party looked poised for a super-majority in Congress that markets fear might bring constitutional change and diminish checks and balances."Ultimately, the dust will settle, markets will crunch numbers and determine what's feasible and what's not, and would go back to trading global factors especially given the strong links between the Mexican and U.S.
In an update posted at 9 p.m. last night NYSE said it would "bust" all the "erroneous" trades of Berkshire Hathaway stock at or below $603,718.30 a share. -- Axos Financial Inc., which has lent to properties including former President Donald Trump’s flagship New York tower, plunged after Hindenburg Research said it was short the stock because of the bank’s exposure to problematic commercial real estate loans.
-- India’s stocks market plummeted, erasing $386 billion in market value, as tallies signaled that Prime Minister Narendra Modi’s ruling party was struggling to win a majority of seats in national elections, a stunning result after exit polls showed he was on pace for a landslide victory.
Source: News Formal (newsformal.com)
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