Emerging currencies' sweet spot proving elusive now

London

FROM the crisis in Greece to the biggest selloff in Chinese stocks in two decades, emerging-market currencies can't catch a break.

An index of developing-nation exchange rates has fallen more than 5 per cent since mid-May to within 0.7 per cent of a record set in March. The losses look set to continue, with strategists surveyed by Bloomberg predicting that all but six of the 24 leading emerging-market currencies will weaken through the middle of next year.