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Emerging market currencies decline

Posted on 22 November 2012

Emerging market currencies broadly slumped Wednesday, dragged down by the euro-zone debt crisis, U.S. fiscal cliff concerns and Middle East tensions. The South African rand and Brazilian real dived sharply, while other emerging market currencies suffered as investors booked profits on recent gains.
These currencies have largely been held hostage by concerns over the looming U.S. year-end deadline to prevent a combination of spending cuts and tax rises. Meanwhile, the failure of euro-zone officials to reach an agreement Tuesday to disburse the next slice of bailout aid for Greece unnerved investors. Spain, meanwhile, remains another key source of jitters………………………………………..Full Article: Source


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