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JOHANNESBURG/BENGALURU (Reuters) - Emerging market currencies of commodity-exporting nations are set to firm over the next 12 months as the world recovers from the coronavirus pandemic - and despite recent rises in U.S. Treasury yields, a Reuters poll found on Thursday.
FILE PHOTO: A money changer holds Peruvian Sol bills at a street in downtown Lima, Peru, December 15, 2017. REUTERS/Mariana Bazo
High-beta emerging market currencies, which last year achieved their best year since 2017 with gains of over 3%, have been in question after the benchmark 10-year U.S. Treasury yield hit a one-year high last week.
Still, as investors ponder whether the world is entering a commodities cyclical upturn or a new supercycle, commodity-linked currencies are already firmer due to expectations of a boom.
Audit firm Deloitte PLT will pay the Malaysian government $80 million to resolve all claims related to their duties in auditing accounts of scandal-linked state fund 1MDB and its unit SRC International from 2011 to 2014, the finance ministry said on Wednesday.
South Africa's rand firmed in early trade on Thursday, as investors awaited a speech by U.S. Federal Reserve Chairman Jerome Powell that may determine the trend for global bond markets and currencies.
British new car registrations fell by an annual 35.5% last month to their lowest February level since 1959 as lockdown measures kept dealerships closed to the public, an industry body said on Thursday.
(This March.4 story corrects paragraph three to make clear that GAM Holdings closure of the fund related to concerns about perceptions of supply chain finance rather than about asset valuations)