IW Long Reads: New frontiers - are emerging markets ready to take the dollar's place as a safe haven?

Investors relishing prospect of EMs as greenback slumps

Despite living up to its 'safe haven' status during the stockmarket woes in the early days of the Covid-19 crisis, three consecutive weeks of selling has pushed the price of the US dollar to its lowest level since April 2018. A combination of the monetary and fiscal policies in the US and investor positivity stemming from the recent wave of vaccine breakthroughs has led the currency to fall more than 6% against a basket of its peers this year. "The US dollar appears to be at a key inflection point," says Andrew Keirle, portfolio manager of the T. Rowe Price Emerging Local Markets Bond fund....