The passive, fully funded currency indices provided to EuromoneyFXNews show that most EM currencies produced positive returns in the month. However, the returns were noticeably more disparate than they have been in the past. Still, EM indexes generally had their second consecutive month of positive returns. The worst performer was the CEEME index, which lost 2.05%, after gaining 4.01% in June, and the only index to yield a negative return. The best-performing index was Africa, which returned 1.65%, followed by Latin America.
Of the single currencies tracked within the index, the best performer, the Zambian kwacha, returned 4.68%, followed by the Kenyan shilling, which returned 2.37%. The Romanian new leu was the worst-performing currency, yielding a negative return of 5.29%.
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| source: Currency Index Partners |