One more day of passion on the currency market for emerging countries. They are the ones who suffer above all Turkey e Russia, which show no signs of reversing the negative trend of the last few sessions.
La lira continues its precipitous descent, knocking down the threshold of 2,36 per dollar and 3,23 per euro. By mid-morning, the currency was trading at 2,3616 dollars and 3,2345 euros, new all-time lows, sharply down on the negative records reached on Friday, at 2,3360 and 3,2069 respectively.
Also under pressure ruble, traded this morning at 47,54 euros. On Friday, the Russian currency recorded a new low against the single currency since February 2009, falling below the threshold of 47 euros. Against the dollar, the ruble changed hands today at 34,71, the weakest since March 2009.
How do you explain Prometeia in its latest Forecast Report, the tapering initiated by the Federal Reserve – i.e. the reduction of monetary stimuli to the US economy – has exploded previous contradictions and caused an outflow of capital from emerging countries towards more industrialized countries (73 billion dollars only in the period May-September 2013 ), with a depreciation of assets between 8 and 10% and a devaluation of the currencies of emerging countries that already had economic situations in a deteriorating phase. The strengthening of the euro and the dollar accentuated the difficulties of the emerging countries and aggravated the exchange rate, rekindling the inflation warning light.
Furthermore, the decision of the Central Bank to gradually switch to free floating of the currency weighs on the Russian currency, while the political storm that has been putting a strain on the Erdogan government for about a month and a half, overwhelmed by suspicions of corruption that have brought many excellent suspects to prison and forced four ministers to resign.
The Turkish central bank intervened directly in the market on Thursday for the first time in two years but failed to stem losses. Since mid-December, the currency has lost over 10% against the dollar.
