Emerging Markets-Brazilian Real Leads Latin American Currencies Higher

The real gained 1% against the dollar, while an index for Latin American currencies ticked 0.2% higher.

"In a number of the Latam countries, especially Brazil, the balance sheets are decent, they have current account surpluses. They've been some of the best places to hide in the EM space as they are holding their weight against the dollar more so than others," said Rachel Ziemba, founder of Ziemba Insights. "But, ultimately this is still an environment where, with more Federal Reserve hikes to come, it's going to be hard for EM and risk assets to hold much ground."

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