Eyes on U.S. inflation data t 1230 GMT MSCI EM stocks index up 0.3% Mainland CHina, Turkey stocks fall
May 28 (Reuters) - Emerging market currencies touched new highs on Friday but a rising dollar ahead of U.S. inflation data tempered gains, with Turkey’s lira hitting all-time lows.
The greenback moved further away from recent lows with all eyes on U.S. inflation data due at 1230 GMT, as a high reading could fuel expectations of policy tightening by the Federal Reserve.
Emerging market currencies had enjoyed a rally as easy monetary policy expectations sent investors seeking high yielders.
The lira fell 0.6% to 8.564 per dollar. Investors will be watching for an S&P ratings review due after the market close.
(Bloomberg) The Turkish currency sank to a record low, weighed down by rising U.S. yields and concern that monetary policy remains too loose to contain accelerating inflation.
The lira slid as much as 1.1% to 8.
4 Min Read
ISTANBUL (Reuters) -Turkey’s lira tumbled to a record low of 8.6 versus the dollar on Friday as it took a hit from global inflation concerns, expectations that the central bank will soon cut interest rates and worries over possible early elections.
FILE PHOTO: Turkish lira banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration
The lira - by far the weakest performer in emerging markets this year - slipped beyond its November intraday low of 8.58, marking the latest step in a years-long depreciation that has dogged the Middle East’s top economy.
It recouped some losses and was at 8.575 against the U.S. currency at 10:52 GMT, ahead of a review by S&P Global that could downgrade its Turkey credit rating. It also logged a new nadir of 10.4696 against the euro.
Fethiye Times News – Week Ending 16 May 2021 fethiyetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fethiyetimes.com Daily Mail and Mail on Sunday newspapers.