EM Rout Continues

The Turkish lira and South Africa’s rand led declines among emerging-market currencies as the yield on 10-year Treasuries climbed to levels unseen since January. A gauge of developing-nation equities retreated for a fourth day amid speculation that the U.S. is headed for an era of rising interest rates and more protectionist trade policies.

“The higher U.S. bond yields are really weighing negatively on the emerging-market space,” said Stephen Innes, a senior trader at Oanda Asia Pacific Pte in Singapore. “From a capital preservation point of view, everybody’s looking to buy U.S. dollars.”


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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes