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EMEA currencies retreat after strong November, rand up

EMEA currencies retreat after strong November, rand up

(Reuters) - The South African rand dominates emerging markets in Europe, the Middle East and Africa on Tuesday following encouraging statistics from South Africa, while most other currencies declined after significant gains in the month, despite positive data from China.

Rand rallies 0.7% against the dollar by 1:00 pm ET, supported by positive trade data released on Monday despite widening year-on-year budget deficit in October.

"The deepening deficit was due to a slight increase in expenses, while revenues remained at the level of the previous month, analysts at Credit Suisse (SIX: CSGN) said. - The data definitely suggest a stabilization of the financial situation in October after its sharp deterioration due to the pandemic".

The Turkish Lira fell about 1% on Tuesday morning after rising to a two-year peak.

Most emerging markets stocks rallied, pushing the MSCI Emerging Markets Index up more than 1%.

(Barn Warrick in Bangalore. Translated by Alexey Kuzmin)

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