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Emerging market currencies will take well into next year to start making noticeable gains against a retreating U.S. dollar, despite a growing view the interest rate cycle has peaked, a Reuters poll of FX strategists showed. After getting battered for most of 2023, emerging market (EM) currencies have made modest gains against the dollar after the Federal Reserve held interest rates steady last week and data suggested the U.S. economy might finally be slowing. However, with most EM central banks expected to follow the Fed and cut rates next year, their respective currencies were unlikely to recoup double-digit losses they have accumulated over the past couple of years.

South koreaSouth africaUnited statesSouth koreanSouth africanRoss finleyDevayani sathyanHari kishanMitul kotechaVuyani ndabaMark potterAnant chandakNick bennenbroekFederal reserveWells fargoStrategy asia