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Rising US bond rates put pressure on emerging markets

Dubai: Trade optimism is a good excuse for a risk-on rally, but the investor flight from havens has lifted global bond yields at a pace that could reduce the appeal of emerging markets.

Global Forex Market

THE US dollar weakened by 0.49% to 97.352 after a report that Chinese officials were unsure if a longer-term trade deal with the US can be reached, one day after Fed chairman Jerome Powell hinted a pause in its rate cut cycle. The switch in trade narrative and better economic release elsewhere triggered the selling in dollar.

Global Forex Market

THE dollar appreciated by 0.36% to 97.631 following a confluence of factors such as the dovish ECB meeting; higher demand for safe-haven assets as optimism in the US-China trade talks was offset by another round of Brexit saga; and better-than-expected flash PMI data with the October Markit manufacturing PMI preliminary estimate rising to 51.5 points from 51.1 points in September and beating market expectation of 50.7.

Treasury Pulse

THE US dollar weakened by 0.25% to 98.864, owing to a slew of disappointing economic release, which subsequently fuelled bets on an October Fed rate cut.