# Emerging currencies slump, on brink of erasing 2023 gains

> Emerging market currencies were on track to erase their 2023 gains, with the Brazilian real among the day's biggest decliners and set for its longest losing streak in over two years. Concerns about China's growth, higher-for-longer US rates and a crude oil rally drove the selloff.

- Date: 2023-09-28 · published 2023-09-28T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34323-emerging-currencies-slump-on-brink-of-erasing-2023-gains
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A broad emerging-market currency slump weakens Brazilian export competitiveness for soy and corn and raises the cost of imported feed inputs in local currency, which can weigh on Brazilian export prices.

## Read by commodity

- SBM: bearish ▼
- USDBRL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2018-02-02 | [Signs of Firming U.S. Inflation Put Emerging Market Currencies Under Pressure](https://feedsoft.ai/events/66723-signs-of-firming-u-s-inflation-put-emerging-market-currencies-under-pressure.md) | +3.7% | +2.5% |
| USDBRL | 2018-10-04 | [Soaring US dollar threatens trouble for emerging markets \| Currencies \| The Guardian](https://feedsoft.ai/events/62719-soaring-us-dollar-threatens-trouble-for-emerging-markets-currencies-the-guardian.md) | -3.1% | -4.7% |
| USDBRL | 2024-06-26 | [Currencies from Mexico, Brazil Lead Emerging Peers Lower \| Financial Post](https://feedsoft.ai/events/29991-currencies-from-mexico-brazil-lead-emerging-peers-lower-financial-post.md) | +4.4% | +3.7% |
| 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% |
| SBM | 2016-12-08 | [FX: What Next for Currencies in Trump Sell-Off?](https://feedsoft.ai/events/73686-fx-what-next-for-currencies-in-trump-sell-off.md) | -2.5% | -3.7% |
| SBM | 2024-12-19 | [Why Brazil’s currency is plunging](https://feedsoft.ai/events/27149-why-brazil-s-currency-is-plunging.md) | +7.4% | +5.5% |
| SBM | 2017-05-18 | [U.S. grains: Soybeans fall as Brazilian currency dives - AgCanada](https://feedsoft.ai/events/7583-u-s-grains-soybeans-fall-as-brazilian-currency-dives-agcanada.md) | -2.8% | -4.7% |

## Sources

- moneycontrol.com: https://www.moneycontrol.com/news/world/emerging-currencies-slump-on-brink-of-erasing-2023-gains-11442301.html

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