A gauge tracking emerging market currencies rallied, while the dollar fell sharply, after a report that Donald Trump would refrain from imposing new tariffs on his first day back as US President.
The MSCI EM currency index jumped to a session high following the Wall Street Journal report, and was set for the best day since August. The Czech koruna and the Hungarian forint led advances, gaining at least 1.6% each. The Mexican peso, which was down earlier in the session, also climbed following the report, and was up 1.5% versus the greenback, which retreated 1.2% as thin liquidity due to a holiday in the US exacerbated moves.
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