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Federal Reserve staff analyze episodes of large, sustained depreciation of emerging market currencies since the post-GFC era, comparing the role of U.S. interest rates against other broad factors. The note uses the 2013 taper tantrum as a reference point and examines search for yield and investor positioning.
It uses an equally weighted index of the dollar against 18 floating EME currencies.
Higher U.S. rates and a stronger dollar tighten financial conditions in emerging markets, which can weaken EM currencies and dampen their import demand for feed and grain. This is an analytical research note rather than a new shock.
federalreserve.govNira Harikrishnan, Benjamin Silk, Emre Yoldas04.10.2023Nach 2.356 vergangenen Ereignisse (bullisch, Makro) bewegte sich US-Dollar (breit) im Median über 5 Handelstage um +0,2 % (60% höher; mittlere Hälfte -0,3 % bis +0,7 %) und über 20 Handelstage um +0,4 %.
Veränderungen des Benchmarks jedes Rohstoffs seit dem letzten Schluss vor dem Ereignis. Historische Werte bündeln frühere Ereignisse derselben Art; sie beschreiben, was passiert ist, nicht was passieren wird. Keine Anlageberatung.
