Currencies/Foreign Exchange

Foreign exchange markets have taken centre stage again in recent weeks. President Trump’s apparent indifference to the relatively steep dollar depreciation trend of late has raised a few eyebrows and added fuel to the dollar fire.

Following years of underperformance, emerging market equities are leading global markets in 2025 to date, driven by a softer US dollar, policy reforms, and renewed investor confidence. With valuations still discounted and structural tailwinds in place, this rally signals a potential long-term shift in global equity dynamics.