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Gathering USD Strength Weighing on EM Currencies

GLOBAL
  • Another press higher for the USD puts major pairs under fresh pressure through the London close, with GBP/USD touching a new daily low.
  • Gathering strength for the USD Index is the key driver here, with the index showing above the 100-dma resistance for the first time since early July and resuming the uptrend off the mid-July lows.

Impact also keenly felt against EM currencies, with CNH, ZAR, PLN also printing fresh lows against the greenback in recent trade. ZAR is a particular standout, suffering under USD pressure as well as softer industrial and precious metals prices:

  • USD/PLN: +1.2%
  • USD/CNH: +0.6%
  • USD/ZAR: +2.2%
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