Bulls are being tested after a selloff sent developing-nation currencies below a technical indicator that’s seen as harbinger for more losses. The JPMorgan Emerging Market Currency Index fell below its 100-day moving average on Wednesday, as the index heads toward the 10th decline in 14 days. “Emerging-market FX valuations at this point grant some caution,” said Tania Escobedo Jacob, a foreign-exchange strategist at RBC Capital Markets, adding markets might have been underestimating the impact of the reversal of central bank stimulus policies in developed countries.
Source: Bloomberg Pro Terminal
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