Most emerging market currencies strengthened on Thursday, and stocks broke their six-day decline. The EM currencies were supported by the weakening of the US dollar after the rally caused by the tightening of the monetary rhetoric of the US Federal Reserve. In particular, the Turkish lira rose to 11.99 per dollar, continuing its recovery after a long period of falling to historic lows at 13.45. The collapse of the lira was triggered by the actions of President Tayyip Erdogan, who called on the Central Bank to lower interest rates even in the face of a sharp rise in inflation. The South African rand rose 0.4% to 15.84 per dollar. The Ukrainian hryvnia showed little fluctuation, staying close to its 13-week low. On the eve, Ukraine launched a «special operation» near the border with Belarus in order to strengthen the defense of its borders and prevent the migration crisis. The Hungarian forint rose 0.5% against the euro, while the Polish zloty rose 0.3%. The MSCI stock index is up 0.1% after falling nearly 3% in the past six sessions. Today the US Treasury and US equity markets are closed for Thanksgiving, so trading volume is expected to be low.
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