Published: Monday, October 13, 2025 · 4:15 PM | Updated: Monday, October 13, 2025 · 4:15 PM
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(Bloomberg) — Currencies from Brazil, South Africa and Mexico outperformed emerging-market peers on Monday as trade concerns eased on a day marked by thin trading volumes, with the US bond market closed for a holiday.
Investor appetite for riskier assets grew during the Americas session, with the real and the rand climbing 1.3% each, supported by higher commodity prices and hints that Donald Trump’s administration is open to negotiate with China. Still, the currency gauge fell and the benchmark stock index, heavily weighted toward Asia, plunged to the lowest in more than a week.
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“We’re seeing a pullback of everything that sold off on Friday: high carry FX, commodities, equities,” Barclays analyst Erick Martinez Magana said. “We’re going back to the environment that’s favorable for carry.”
Trump and Vice President JD Vance signaled openness to future trade negotiations over the weekend, while Treasury Secretary Scott Bessent said he still expects a meeting between the two country leaders at the Asia-Pacific Economic Cooperation summit in South Korea later this month. A gauge of Asian currencies rebounded from the lowest since May, though the Taiwanese dollar underperformed peers.
“Currencies closely tied to China’s economic outlook and global trade, such as the won, Taiwanese dollar and Malaysian ringgit could come under some pressure,” said Lloyd Chan, a strategist at MUFG Bank Ltd.
In Latin America, the Chilean peso and Peruvian sol also outperformed, as the price of copper — both nations’ biggest export — climbed. Data showed China’s imports of the red metal and iron ore jumped in September to the highest level this year.
Even though the real is bouncing back after a near 3% selloff the prior session, it will likely remain under pressure as fiscal concerns cloud the outlook into year-end. Traders are uneasy with government efforts to expand social benefits ahead of 2026 without clarity on how spending fits within next year’s fiscal targets.
Currencies from Eastern Europe, meantime, were under pressure, dragged down by the common currency, which faced a double-threat from the bid for dollars and France’s political crisis. Elsewhere, the Israeli shekel was the biggest laggard for the session, giving back some of the advance this month in anticipation of a peace deal with Hamas.
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