Russian, Turkish Currencies Buck Emerging Market Trend

Emerging market shares and currencies were broadly firmer on Thursday, shrugging off weak Chinese economic data and focusing on a stronger yuan and more stability on commodity markets.  The Russian and Turkish currencies were flat, however, remaining under pressure as the former looked set to be hit by Western sanctions and the latter was weighed on by escalating domestic tensions before March 30 local elections.

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Finance Minister of the Year for Emerging Europe 2013

“The Turkish story stands out as the prime example of how numerous emerging market countries have not only managed to turn around their fiscal situation in the past years but also to consolidate the backdrop and increase fiscal credibility at a time when G7 countries are struggling to deal with an ever-increasing debt burden and an ageing population,” says Simon Quijano-Evans, head of emerging markets research at Commerzbank.

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