|Day's Range||0.068 - 0.071|
|52 Week Range||0.0656 - 0.0870|
Turkey’s currency crisis sent ripples through global financial markets, but analysts say it isn’t necessarily a death sentence for all emerging-market currencies.
A broader-based dollar index, the WSJ Dollar Index (XX:BUXX) which measures the buck’s strength against 16 rivals including the lira, was little changed but also in positive territory at 90.42. Elsewhere, the Turkish lira rebounded against the U.S. dollar on Tuesday following an intense few sessions of unraveling that has sparked concerns of economic contagion from Turkey. Most recently, the Turkish lira (USDTRY) was up sharply against the dollar and the euro (EURTRY) One dollar bought 6.3390 lira, down from 6.8846 late Monday in New York, dropping more than 8%.
The U.S. dollar strengthens across the board on Thursday, against the backdrop of an ailing British pound, which even a hawkish Bank of England couldn’t lift.
The U.S. dollar softens against most of its major rivals Tuesday afternoon in New York, as commodity prices bounce higher and gave related currencies room to climb.
Emerging markets have been struggling with rising global interest rates and stronger dollar, among other bearish factors, in 2018. But you can also add ‘hot money’ inflows to the list, as investments that could reverse quickly in times of trouble, bringing even more downside risk to emerging-market assets, according to economists at the Institute of International Finance.
Turkey will head to the polls on Sunday to vote for a new president, but the snap election called by incumbent President Recep Tayyip Erdogan comes as the emerging economy is beset by a flagging currency and economy, setting the stage for a downbeat stretch for the country.
South African investment house Brait SE (BATJ.J) reported a nearly one-third drop in annual net asset value on Tuesday after writing down to zero last November the value of its British clothing retailer, New Look [NEWOON.UL]. Brait, which also owns gym chain Virgin Active and British supermarket Iceland Foods, said NAV totalled 27.1 billion rand (1.5 billion pounds), or 57.3 rand per share, in the year to end March. Shares in Brait fell 1.2 percent to 36.80 rand as of 1029 GMT, bring losses over the last two years to nearly 70 percent.
German investor ATON said on Thursday it had raised its stake in South Africa's Murray & Roberts (MURJ.J) to 33.1 percent as it seeks to takeover the engineering and construction firm despite management opposition. ATON said after market close it had agreed to buy 13,671,480 ordinary shares in M&R for 15 rand per share. It added it had also agreed to buy a further 29,005,926 shares from investment management company Allan Gray, M&R's third largest stakeholder, for 15 rand, which would further raise its stake to 39.6 percent.
Anglo American Platinum (Amplats) (AMSJ.J), the world's top platinum producer, announced its first dividend in seven years on Monday as full-year headline earnings more than doubled and said it was not committing capital to major projects in 2018. Amplats' investment stance highlights the fragile state of platinum mining in South Africa, home to around two-thirds of known reserves, where for years the industry has battled soaring costs, depressed prices, policy uncertainty and bouts of violent labour and social unrest. South Africa's Chamber of Mines said on Sunday it had agreed to postpone a court challenge against a new version of an industry charter, which among other things raises targets for black ownership, to allow for talks with newly sworn-in South African President Cyril Ramaphosa.
South Africa's rand weakened as much as 1.7 percent in midday trade on Wednesday to its worst in nearly three weeks after the ruling African National Congress said an early exit for President Jacob Zuma had not been discussed at a party meeting. Initially hit by softening demand for emerging market assets as global bond yields picked up, the rand's losses accelerated to a session-low 12.55 shortly after the ANC Secretary-General Ace Magashule told reporters Zuma's removal was not on the agenda of a meeting of the party's top decision-making body. At 1100 GMT the rand was 1.4 percent weaker at 12.5075 per dollar, slightly better than the slide to its weakest level since Dec. 26.