The Hungarian forint, Polish zloty, and South African rand all gained over 1% against the dollar while the Czech crown experienced a minor rise. In contrast, the Turkish lira weakened as data showed that the country’s account deficit widened in July. The lira was flat at 18.23 per dollar, edging closer to its all-time low of 18.40.

“Energy prices have come down a little bit now and that should help, but also the tourist season is winding down and will remove some of the income that Turkey has seen over the last few months,” Per Hammarlund, chief EM strategist at SEB in Stockholm observed.

Emerging market currency gains against the dollar were largely driven by news that Ukrainian forces had captured over 20 towns and villages in the past day, prompting Russian forces to abandon the stronghold of Izium.

In addition, the United States is considering increasing restrictions on U.S. shipments of semiconductors used for both artificial intelligence and chipmaking tools to China.

The post Emerging Market Currencies Rally as Dollar Wavers appeared first on theprimarymarket.com.

The Hungarian forint, Polish zloty, and South African rand all gained over 1% against the dollar while the Czech crown experienced a minor rise. In contrast, the Turkish lira weakened as data showed that the country’s account deficit widened in July. The lira was flat at 18.23 per dollar, edging closer to its all-time low of 18.40.

“Energy prices have come down a little bit now and that should help, but also the tourist season is winding down and will remove some of the income that Turkey has seen over the last few months,” Per Hammarlund, chief EM strategist at SEB in Stockholm observed.

Emerging market currency gains against the dollar were largely driven by news that Ukrainian forces had captured over 20 towns and villages in the past day, prompting Russian forces to abandon the stronghold of Izium.

In addition, the United States is considering increasing restrictions on U.S. shipments of semiconductors used for both artificial intelligence and chipmaking tools to China.

The post Emerging Market Currencies Rally as Dollar Wavers appeared first on theprimarymarket.com.