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(Bloomberg) — Emerging-market stocks and currencies climbed as expectations for Federal Reserve rate hikes eased following Friday’s unexpectedly weak US employment report.
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An MSCI gauge of developing-market stocks was up 0.7% in early trading in London, on track to erase last week’s losses. An index of emerging-market currencies rose 0.1% to head for a fourth day of gains. Indonesia’s rupiah led the advance.
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The Bloomberg Dollar Spot Index edged higher after dropping to its lowest in more than two months on Friday. The focus now shifts to US consumer price data due later this week.
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“The strength of emerging-market currencies is mainly driven by the drop in the US dollar last week,” said Wee Khoon Chong, senior Asia Pacific market strategist at BNY in Hong Kong. “US CPI this week will be the key catalyst, dictating near-term evolution of the US dollar and therefore EM currencies.”
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The Indonesian rupiah outperformed Asian peers after President Prabowo Subianto nominated Destry Damayanti as the sole candidate to head the nation’s central bank. The move may calm markets after veteran Perry Warjiyo unexpectedly resigned from the post in late July.
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In eastern Europe, Romania’s dollar bonds and local notes both outperformed the region after Moody’s Ratings affirmed the government’s credit score, averting a potential downgrade to junk territory.
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The forint gained against the euro after Hungary reported a slight improvement in its energy crunch, with the rebound in the Danube river’s water level allowing an increase in electricity production.
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