HSBC Holdings Plc, which gets more than half of its revenue from emerging markets, says it’s time to start buying their currencies after a selloff pushed exchange rates to their lowest levels since 2009.
South African bonds rose, extending the biggest weekly gain since September, as lower rand volatility lured investors to the nation’s debt. The currency fell after a worse-than-forecast U.S. jobs report.
The pound fell from a 2 1/2-year high against the dollar as Bank of England Governor Mark Carney said the currency’s strength may harm exports and pledged to keep down interest rates to support the economic recovery.
The dollar rose for a seventh day, its longest rally in eight months, amid speculation reports on jobless claims and housing prices will reconfirm the Federal Reserve’s decision to trim monthly bond purchases.
Investors are shunning foreign- exchange markets because currency moves are proving difficult to predict as more countries roll out stimulus programs, according to David Bloom, head of currency strategy at HSBC Holdings Plc.