# Resurgent Dollar, Higher Yields Send EM Currencies to 2024 Lows - Bloomberg

> The Brazilian real and Mexican peso each fell at least 1.8% against the dollar on Tuesday, and the Indonesian rupiah dropped more than 2%, prompting Bank Indonesia to intervene. Carry traders unwound positions amid volatility and a resurgent dollar. China also unexpectedly weakened its daily yuan reference rate.

- Date: 2024-04-16 · published 2024-04-16T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11278-resurgent-dollar-higher-yields-send-em-currencies-to-2024-lows-bloomberg
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Weaker emerging-market currencies raise the local-currency cost of imports and can make exporters like Brazil and Mexico more price-competitive, while the stronger dollar pressures dollar-denominated commodity prices. Chinese yuan weakness can also signal softer import demand.

## Read by commodity

- DXY: bullish ▲
- USDBRL: bullish ▲
- USDCNY: bullish ▲
- USDMXN: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDBRL | 2024-04-16 | 5 | +5.3% | 3.2 | Dated on the final day of the window, it describes a broad EM selloff driven by a resurgent dollar, higher US yields and carry-trade unwinding, with the real falling at least 1.8% that day, which directly explains the BRL weakness. |
| DXY | 2024-04-16 | 5 | +2.0% | 2.9 | EM currency weakness on 2024-04-16 shows a broad dollar surge on higher yields, contributing to the broad index move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-09-17 | [Dollar Boost From Fed to Weigh on Asian Currencies, Analysts Say - Bloomberg](https://feedsoft.ai/events/23086-dollar-boost-from-fed-to-weigh-on-asian-currencies-analysts-say-bloomberg.md) | +0.4% | +1.5% |
| DXY | 2021-11-23 | [Dollar Surges to Four-Year High Against Yen on Faster Hike Bets - Bloomberg](https://feedsoft.ai/events/44277-dollar-surges-to-four-year-high-against-yen-on-faster-hike-bets-bloomberg.md) | +0.5% | +0.4% |
| DXY | 2022-07-12 | [Dollar rises to 20-year highs, sends grains lower – The Seam](https://feedsoft.ai/events/5974-dollar-rises-to-20-year-highs-sends-grains-lower-the-seam.md) | -0.4% | -1.2% |
| DXY | 2024-06-26 | [Gold falls to two-week low as higher dollar, yields dent appeal \| Reuters](https://feedsoft.ai/events/29635-gold-falls-to-two-week-low-as-higher-dollar-yields-dent-appeal-reuters.md) | +0.3% | -0.3% |
| DXY | 2024-11-06 | [Here’s Why Trump’s Win Sent Dollar And Bond Yields To Multi-Month Highs](https://feedsoft.ai/events/9522-here-s-why-trump-s-win-sent-dollar-and-bond-yields-to-multi-month-highs.md) | +1.9% | +1.5% |
| USDBRL | 2024-09-10 | [Emerging Currencies Weaken for Second Day as Stocks Halt Selloff - Bloomberg](https://feedsoft.ai/events/12465-emerging-currencies-weaken-for-second-day-as-stocks-halt-selloff-bloomberg.md) | -1.7% | -2.1% |
| USDBRL | 2018-08-15 | [Dollar Rises Against Emerging-Market Currencies  - WSJ](https://feedsoft.ai/events/12515-dollar-rises-against-emerging-market-currencies-wsj.md) | +2.8% | +6.5% |
| USDBRL | 2025-12-01 | [Dollar closes higher against the real, bucking the trend abroad \| Brasil 247](https://feedsoft.ai/events/8062-dollar-closes-higher-against-the-real-bucking-the-trend-abroad-brasil-247.md) | +1.3% | +4.5% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-04-16/emerging-market-assets-sink-to-2024-low-amid-growth-rate-risks

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.