China’s yuan headed for the biggest weekly rally in almost three years on speculation the central bank will tolerate gains after the trade surplus widened.
The only consensus on the dollar is that there’s no consensus.
3M Co., the maker of products from Scotch tape to auto insulation, reported first-quarter earnings that trailed analysts’ estimates as demand from Latin America slowed and foreign currencies weakened.
The New Zealand dollar weakened for a fourth day as central bank Governor Alan Bollard said a gradual depreciation of the currency is desirable.
Moody’s Investors Service said it’s assessing the risk of currency depreciation damaging the creditworthiness of emerging-market companies after record foreign bond sales.
Sales of credit-linked notes tied to Indonesia’s treasury bonds rose to the highest in five months as returns draw investors amid a stock slump and currency depreciation.
Brazil’s central bank signaled today it will continue tightening monetary policy as above-target inflation remains persistent. Swap rates rose.
Chris Shumway, head of Shumway Capital Partners LLC, recommended betting against the Chinese yuan using forward options and buying shares of Moody’s Corp.
The largest emerging markets, whose economies grew more than four-fold in the past decade, are making losers out of everyone from central bankers to Procter & Gamble Co. as their currencies post the biggest declines since at least 1998.
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