The US dollar fell against all of the major and most of the emerging market currencies last week. Risk appetites have been rekindled, and the yen has gone from the best performer in recent weeks to the worst over the past week.
Major equity markets advanced for the third week. The MSCI Emerging Market equity index has rallied more than 15% since the January 21 low, and nearly 12% since the February 11 low. The index finished the week at its best level since January 4.