Dollar may soon give breathing space to emerging economies

Over the past month, the strength of the dollar has challenged emerging economies such as Argentina and Turkey that need it to finance their imports, but the effect may be temporary.

Since April 1, the main reserve currency has appreciated, boosted by higher interest rates, lower unemployment and solid growth. The dollar has risen by 3.3% against the euro, 3.2% against the yen and 3.7% against the British pound. This trend has been even sharper in some emerging markets.

The starkest case has b