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EM stocks and currencies are rising amid lower oil prices


October, 07 2021
watermark Economic news

Most emerging market stocks and currencies are rising on Thursday amid a decline in oil prices from recent highs to below $80 per barrel. Earlier, pressure on EM was exerted by a possible curtailment of monetary incentives in the US and a slowdown in the economy.


The MSCI stock index jumped 2.02% to 126.50, after falling to a six-week low the day before. The MSCI emerging market currency index rose 0.2%, which was caused by a decline in oil prices after an unexpected reduction in raw materials stocks in the United States.


Hong Kong shares rose 3% after the announcement of housing construction plans in mainland China, which supported the securities of construction companies. The Polish zloty is trading without sharp dynamics in a pair with the euro after recently reaching a maximum of three weeks. The growth occurred against the background of an unexpected increase by the Central Bank of Poland in the interest rate by 40 basis points to 0.5%, for the first time in nine years. The Hungarian forint rose by 0.2%, the Czech crown fell by 0.1%.


Also, most emerging market currencies benefited from the weakening of the dollar and from an increase in risk appetite after a highly volatile trading week.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.