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Sunday, 27 May 2018

The hand-wringing over weakness in emerging market currencies continues in the global business press.

The hand-wringing over weakness in emerging market currencies continues in the global business press, with Bloomberg’s Paul Wallace being the latest in a string of writers to point out that equity markets in countries including Egypt, Kenya, and Ghana have also been slipping in response. “Egypt’s stocks, which had risen steadily since the EGP was devalued in November 2016, have fallen more than 9% since late April,” he says. The USD’s strength in recent weeks has left emerging markets in distress as they grappled with a major sell-off triggered by higher US interest rates, as well as geopolitical tension.

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