Iran reopens the Strait of Hormuz, emerging market currency index recovers all losses since the war

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Deep Tide TechFlow News, April 17 — Due to Iran reopening the Strait of Hormuz, the market is optimistic about de-escalation of the conflict, and a key indicator for emerging market currencies has fully recovered from the losses since the start of the US-Iran war. The MSCI Emerging Market Currency Index rose 0.6% on Friday to 1884.37 points, after Iran announced that the Strait of Hormuz is now “completely open” to commercial shipping. This latest development caused oil prices to drop more than 10%, with Brent crude trading at around $86 per barrel, reigniting market optimism that the conflict may be ending. Standard Chartered Bank economist Dan Pan in New York said, “While there may still be some doubts about whether shipping has fully returned to normal, the market seems to believe the worst is over. The decline in oil prices also supported a rebound for some energy-importing countries.” (Jin10)

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