EM currency index hits record high as dovish Fed bets weaken dollar
Updated at 0900 GMT
Thai baht hits highest since January
Israel Q2 GDP misses estimates
Absa Group shares jump after results
EM stocks rise 0.7%
By Lisa Pauline Mattackal
Aug 19 (Reuters) -Emerging market currencies gained against a softer dollar on Monday, lifting MSCI's index tracking them to a record high on growing hopes of stable economic growth and looser monetary policy in the United States.
The dollar =USD weakened 0.3% against a basket of currencies, lifting MSCI's international emerging market currency index .MIEM00000CUS 0.6% to a record high at the start of a week packed with central bank events.
Asian currencies led gains, notably the Korean won KRW=, Malaysian ringgit MYR= and Thai baht THB=TH. The baht and Thai stocks were also lifted by better-than-expected gross domestic product data.
Emerging market assets looked set to build on gains from the previous week as data pointing to U.S. economic growth soothed worries about slowing global demand.
Focus will now be on U.S. Fed Chair Jerome Powell's Friday speech in Jackson Hole, where investors anticipate he will acknowledge the case for easing borrowing costs.
"Unless we hear Powell hint that the Fed are not ready to ease, or that the tone is skewed towards a 50 bps cut, then what we hear should marry almost perfectly to market pricing," Chris Weston, head of research at Pepperstone, said.
An index of emerging market stocks .MSCIEF gained 0.7% after rising nearly 3% in the previous week.
A number of emerging market central banks will also meet this week, with interest rate decisions expected in Indonesia, Thailand, South Korea and Turkey.
Chinese policymakers are also seen keeping key loan prime rates unchanged on Tuesday.
South Africa's rand ZAR=D3 built on a nine-day winning streak, and was up 0.4% ahead of inflation data due on Wednesday.
The country's main stock index .JTOPI continued to cruise at record highs and was up 0.9%, led by a nearly 5% rise in shares of lender Absa Group ABGJ.J after the company reported results.
The Russian rouble RUB= steadied against the dollar, edging 0.1% higher, but still remains down more than 4% since Ukraine launched its ongoing attack in the Kursk region.
Currencies in central Europe were mixed against the euro EUR= as it rose against the dollar. The euro rose 0.2% versus the Polish zloty EURPLN= and was flat against the Czech crown EURCZK=.
Israel's shekel ILS= weakened 1.4% against the dollar after four straight sessions of gains, after data on Sunday showed the economy grew 1.2% in the second quarter of 2024, less than the 4.4% forecast in a Reuters poll.
Polish stocks .WIG20 slipped 0.1%, after the main index notched its best week in four years on Friday.
Local markets in Hungary were closed for a holiday.
HIGHLIGHTS:
** China manages to halt bond bulls in their tracks, for now
** GRAPHIC-Take Five: How deep a cut?
** Philippines, China trade blame after vessels collide in the South China Sea
For TOP NEWS across emerging markets nTOPEMRG
For CENTRAL EUROPE market report, see CEE/
For TURKISH market report, see .IS
For RUSSIAN market report, see RU/RUB
Emerging market currency index at record high https://tmsnrt.rs/3yHemji
Reporting by Lisa Mattackal in Bengaluru; Editing by Shounak Dasgupta
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