Hints from the U.S Federal Reserve that it could be looking to curb its bond-buying program have been enough for some foreign currencies to fall, but David Bloom, the global head of foreign exchange strategy at HSBC has detailed those that would survive any flight back to the dollar.
"Poland, Hungary, Czech, they've done phenomenally well down when emerging markets have got burnt," he told CNBC Thursday.
"They've been a bastion of stability in the whole emerging market world."
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Yields on 10-year benchmark U.S. Treasurys rose above 2 percent on May 22, after the Federal Reserve's policy minutes sparked fears the central bank could start tapering off its $85 billion-a-month bond purchasing program.
Shortly after, emerging market (EM) currencies began to tumble as investors started to bringing their dollars back to the U.S. in the view that interest rates would move higher. For instance, South Africa's rand tumbled 6 percent against the dollar in a month, the Indian rupee fell 24 percent in three months and the Malaysian ringgit slipped 10 percent in three months. Meanwhile, the yuan, the Vietnamese dong, the Russian ruble, the Mexican peso and the Brazilian real all clocked-up declines against the dollar this year before stabilizing.
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