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- Strength of the dollar this month is not bearing well for the emerging market currencies as latest strength of dollar seems to be fuelled by rise in treasury yield.
- Declines accelerated on yesterday, as strong docket continued to get published throughout the week. Unit labor cost that is a measure of wage pressure accelerated by 4.1 percent in the fourth quarter.
- Turkish Lira fell to new record low against the dollar. USD/ TRY is currently trading at 2.605.
- Mexican Peso similarly broke to new all-time low against dollar, USD/MXN at 15.2048.
- Brazilian real crossed 3 per dollar mark, despite a 50 basis points rate hike by the country's central bank.
- South African Rand is trading at 11.79 against the dollar, a 13 year low.
- Indian rupee though strong performer, fell close to 1.5 percent in last 2 days. Country's central bank cut the interest rate by 25 basis points this week.
- Indonesian Rupiah is trading at 12955 per dollar, a level not seen since 1998.
- Colombian peso is trading near 620, lowest level in last 6 years.
- Stories are same for Russia, African and Latin American countries.
Dollar is expected to strengthen further against the emerging markets. Even developed markets won't get away from its unrelenting march. This is the seventh consecutive month that Singapore dollar is bleeding against dollar.
