EM FX: Emerging Currencies Clock Best Week of 2024 in Wake of Selloff

Emerging-market currencies posted their best week of 2024, rebounding from Monday’s brutal selloff with a bang as concerns of a hard landing in the US eased.

The MSCI EM currency index rose 0.7% during the week, closing at the highest level in more than two years. Brazil’s real rallied after above-forecast inflation data fed expectations its central bank could raise interest rates later this year. Developing-nation stocks rose 1.6% Friday to post a 0.2% gain for the week.