Seit der zweiten Aprilhälfte sehen wir eine Phase steigender Volatilität bei Anleihen aus den Schwellenländern. Der Hauptauslöser für diese Korrektur ist zweifellos die Aufwertung des US-Dollars – neben den 10-jährigen US-Zinsen, die von 2,8% auf 3% stiegen. Es gibt sicherlich viele Gründe für die Erholung des US-Dollars, aber vor allem spiegelt dies eine Desynchronisierung des US-Wachstums vom Rest der Welt wider. Tatsächlich wurden die Wachstumserwartungen in Europa und in den Schwellenländern durch etwas schwächere Indikatoren beeinträchtigt. Wir wissen, dass die Folgen eines starken US-Dollars für die Schwellenländer darin bestehen, dass die Lokalwährungen abgewertet werden – vor allem in Ländern wie Sxbasnzkybe ntf Fylcnd, dfg qpyieqn Nrbxeewx udqrhjblx.
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