EM Currencies Rally, Stocks Slump on US Tariff Shock Repricing
An electronic stock board displays the Nikkei 225 Stock Average in Tokyo, on April 3. Asian stocks fell to a two month low following Donald Trump’s announcement of reciprocal trade tariffs.
Photographer: Kiyoshi Ota/BloombergCurrencies from developing nations scored the best day in over two weeks as President Donald Trump’s tariffs sent the greenback plunging and emerging stocks slid as his steep levies reverberated across Asian markets.
The MSCI index for emerging-market currencies ended Thursday with a 0.1% gain as the dollar tumbled. The Mexican peso rose as much as 1.8% after the country continued to have exemptions from levies on imports in the free-trade agreement with the US. Brazil’s real and Chile’s peso also outperformed peers.