|Day's Range||35.499 - 36.45|
|52 Week Range||17.1170 - 41.5450|
Argentina’s peso is on its way to being overvalued, according to analysts from Bank of America Merrill Lynch.
Bitcoin volatility has plunged to levels that in theory could push day traders to switch from virtual to tangible currencies.
Months after the summer selloff, with only two months left in the year, emerging markets currencies are still struggling with idiosyncratic economic and political issues, as well as worries about global growth.
The board of the International Monetary Fund approved a loan expansion to $56.3 billion for Argentina on Friday, in support of the country's budget. The fund first said it could increase the loan from $50 billion in September, but that it needed approval by the board. Argentina also passed its first economic performance review, as prescribed under the 36-month Stand-By Arrangement with the IMF, which allows officials to draw another $5.7 billion from its loan. So far, the Latin American country has drawn $20.4 billion. Buenos Aires first sought the organization's help in May, as the Argentina peso went into a tailspin and confronted the country with yet another currency crisis. The peso has dropped almost 50% in the year so far. On Friday, one U.S. dollar bought 36.9100 pesos, up from 36.7800 late Thursday in New York. The Global X MSCI Argentina ETF was up 2.2% on Friday.
Strategists at Morgan Stanley on Monday raise their rating on emerging-market currencies and bonds to neutral from negative, in part because global risks are more moderate than projected.
As investors turn their attention to turmoil in emerging markets, analysts at Nomura revive an index they say has correctly signaled two-thirds of past emerging-market currency crises. Here are the seven countries they see most at risk.
Investing.com - Markets kept a wary eye on wobbly emerging market currencies this week, with declines in the Turkish lira, Argentine peso, and the South African rand at the forefront.
Investing.com - The dollar fell on Thursday as British pound and the Euro rose on breakthrough from Brexit talks, while the Aussie dollar slipped despite data showed the country’s trade surplus in July was better than expected.
Investing.com - The Australian dollar rose on Wednesday after data showed growth in the Australian economy accelerated in the second quarter of 2018.
Carnage in emerging markets currencies cast a cloud over summer vacations. Here’s why the turmoil might continue.
The U.S. dollar trades little changed on the final trading day of August, leaving a closely followed index clinging to a modest monthly gain.
U.S. stocks posted their first losses in the past five sessions and the S&P 500 and the Nasdaq snapped a streak of 4 consecutive records, as a plethora of global worries buffeted equity indexes in the final week of August trading. Meanwhile, the S&P 500 index (SPX) declined by 0.4% at 2,901, while the Nasdaq Composite Index, which had briefly carved out an intraday peak, ended down 0.3% at 8,088. Both the S&P and Nasdaq halted their succession of record closes at four.
The dollar edged higher against its main rivals Thursday, advancing versus the British pound as analysts sounded more skeptical about an olive branch offered by the European Union’s top Brexit negotiator.
Argentina’s peso plunges to a record low, extending losses despite a large, emergency rate hike, while Turkey’s currency troubles continue. While the currency problems are largely homegrown, they underline worries surrounding emerging markets, analysts say.
Argentina’s central bank on Thursday delivers an emergency rate rise, boosting its benchmark rate to 60% from 45%, in an effort to stem the peso’s plunge. It didn’t work.
Argentina's central bank on Thursday boosted its benchmark interest rate by 15 percentage points to 60% in an attempt to arrest a sharp drop by the peso, and said it wouldn't cut rates before December, according to news reports. The drop builds on a Wednesday plunge by the peso that followed a request by Argentina's president, Mauricio Macri, for the International Monetary Fund to speed up the payout of a $50 billion bailout package.
Investors and financial analysts are urging Turkey to make changes to its central bank policy, namely increasing interest rates. The recent history of another troubled emerging market suggests conventional measures won’t stop the bloodletting. “There are only three options to halt the freefall of the Turkish lira,” tweeted Dani Rodrik, an economist at Harvard University.