Aug
17

Dollar Gains as Yuan Fallout Continues for Emerging Assets

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The dollar strengthened as China’s shift to a more market-oriented exchange rate continued to reverberate through emerging economies, driving stocks and the ringgit lower. Oil led a gauge of commodities to a 13-year low, while European equity-index futures signaled a rebound.

The dollar was stronger against most peers by 7:08 a.m. in London. The ringgit weakened 0.4 percent, dragging the Bloomberg JPMorgan Asia Dollar Index to a fifth straight loss, the longest such streak since February. The Hang Seng China Enterprises Index dropped 1.4 percent, while Malaysian equities retreated. Futures on the Euro Stoxx 50 Index climbed 0.6 percent after the biggest weekly loss in a month. U.S. oil sank 1.3 percent after the number of rigs increased for a fourth week…

Dollar Gains as Yuan Fallout Continues for Emerging Assets

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