Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Access the Market Tools Trusted by Thousands of Investors Get Started
Forex - Emerging currencies hit by growth fears after Fed minutes
Published Aug 20, 2015 06:38AM ET
© Reuters. Rout in emerging currencies intensifies
Investing.com - Emerging market currencies fell on Thursday amid fresh investor nervousness over the outlook for global growth after the minutes of the Federal Reserve’s latest meeting, and as low oil prices continued to weigh.
Fears over the outlook for global growth intensified after Wednesday’s minutes of the Fed’s July meeting showed that officials believe the economy is nearing the point where interest rates should move higher, but noted that weakness in the global economy could still pose risks to the U.S. economic outlook.
Turkey's lira fell to a fresh record low against the dollar on Thursday and Kazakhstan's currency, the tenge plunged 23% after the country abandoned its peg and allowed the currency to float freely.
The lira fell to against the dollar as concerns over rising political tensions and recent terror attacks exacerbated concerns over the central bank’s reluctance to stem the persistent selloff in the currency.
The Turkish lira has tumbled 25% against the dollar this year, making it the second-worst performing emerging market currency after the Brazilian real.
Kazakhstan's tenge dropped to a record 195.89 against the dollar on Thursday after central Asian nation said it was switching to a free float in a bid to safeguard export growth.
Kazakhstan is central Asia’s biggest crude exporter.
The move comes after China’s shock devaluation of the yuan last week, which prompted a rout in regional Asian markets. Vietnam devalued the dong for the third time this year on Wednesday.
Concerns over slowing growth in China, previously a major engine of global demand, have hit investor demand for riskier assets, with commodities and emerging markets among the hardest-hit.
Recent steep declines in Chinese equity markets have undermined investor confidence in the government’s ability to revitalize economic growth.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.