<\/p>\n
Most emerging market currencies advanced outside Asia as hopes of a deal in the Middle East drove down oil prices and boosted risk sentiment.<\/p>\n
The rand led gains as South African central bank Governor Lesetja Kganyago promised that officials will lower the inflation rate back to its 3% target. The Hungarian forint and the Mexican peso also strengthened.<\/p>\n
\u201cDiplomatic efforts to ease tensions in the Middle East improved market sentiment,\u201d said Piotr Matys, a strategist at In Touch Capital Markets.<\/p>\n
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CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
He also cited Kganyago\u2019s comments as supporting the rand. South Africa last week raised borrowing costs by 25 basis points to 7%, delivering the first rate increase in three years as inflationary pressures intensified after the start of Iran war.<\/p>\n
In Asia, China\u2019s yuan climbed to its highest in nearly four years versus a basket of trading-partner currencies. The MSCI EM currency index edged 0.2% lower.<\/p>\n
Elsewhere, Zambia\u2019s 2053 dollar bond, which the government is trying to buy back, gained to trade around 81 cents in the dollar. That\u2019s a post-restructuring high and implying a greater value than the country\u2019s current cash offer price. A group of holders of the bonds is opposing the government\u2019s tender to buy back the securities.<\/p>\n
In equities, stocks advanced for the third day on the back of a rally fueled by Asian technology stocks. The MSCI index rose 0.9% on Tuesday for a three-day gain of 3.7%.<\/p>\n
\u201cGenerally, political jawboning tied to the Iran war continues to whipsaw markets,\u201d said Elias Haddad at Brown Brothers Harriman & Co. \u201cStrength in EMEA currencies likely reflects the pullback in crude oil prices.\u201d<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n
#currencies #advance #Iran #talks<\/p>\n","protected":false},"excerpt":{"rendered":"
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