Emerging FX Index Edges Up on Peace Deal Ahead of Fed Meeting

An emerging-market currency index edged higher as traders weighed a US-Iran interim peace deal, expected to be signed on Friday, against uncertainty ahead of the Federal Reserve policy meeting under new chairman Kevin Warsh. Brent crude dropped below $80 per barrel after the deal allowed Tehran to resume oil exports, boosting oil-importing currencies such as the Chilean peso and Polish zloty. The MSCI emerging-market equity gauge rose for a third day, nearing a record, with Indian stocks gaining 0.6 percent though still down 8.2 percent year-to-date.