Mexican Peso, Korean Won Outperform The Dollar After Fed Stands Pat On Rates

By Joseph AdinolfiMarketWatch Pulse

Several emerging-markets currencies, including the Mexican peso, Malaysian ringgit and Korean won, traded higher than the dollar after Federal Reserve policy makers left interest rates unchanged Thursday. Meanwhile, the currencies of risky emerging-markets, including the Turkish lira and Brazilian real , traded lower. The peso traded at 16.50, up 0.2% in recent trade from 16.54 late Wednesday in New York. The Malaysian ringgit traded at 4.2 to the dollar, up 0.2% on the day from 4.25 to the dollar late Wednesday. The Korean won traded at 1,165.45 won to the dollar, up 0.5% from 1,171.65 won. The real traded at 3.86, down 0.9% from 3.83 late Thursday. The "more fragile" among the EM currencies suffered even though the Fed abstained from raising rates because "the uncertainty [around rates] we've been living with is still there," said Lee Ferridge, head of macro strategy for North America, at State Street Global Advisors.

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