Stable US dollar is a necessary but not sufficient condition for the recovery of emerging markets currencies. The currencies of high-interest rate countries such as the Turkish lira and the Argentine peso remain high-yielding but at the same time very vulnerable.
USD / ARS, USD / TRY and USD / BRL remain probable for a new rise, and for the Russian ruble remains difficult to counter the dollar, despite short-term consolidation over the past three days.
At the other end, the Mexican Peso and the African rand seem to find ground under their feet.
Source: Bloomberg Finance L.P.
Chart: Used with permission of Bloomberg Finance L.P.
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