Most emerging market currencies will continue to struggle against the mighty dollar over the coming year as the U.S. Federal Reserve finally delivers expected aggressive policy tightening, according to a Reuters poll of FX strategists.
Central banks in emerging market economies have been bracing for this for months by hiking their benchmark interest rates. But the actual moment when the Fed delivers half-point rate increases and rapid balance sheet reduction still matters.
Minutes from the Fed’s March meeting showed officials had generally agreed to trim the central bank’s balance sheet by $95 billion a month, providing a major boost to the greenback which was already riding high.
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