GRAPHIC-2015 the year of the dollar's reign, emerging market pain

jueves 24 de diciembre de 2015 10:05 GYT

(This is an updated version of a story that moved on Dec. 18)

By Marc Jones and Ritvik Carvalho

LONDON Dec 24 (Reuters) - The dollar reigned supreme in 2015, having been pumped up all year by expectations of a rate rise which the Federal Reserve finally delivered this week, while emerging markets, oil and metals have been the big losers.

The dollar index, which measures the greenback against other top currencies, is up 9 percent for the year, after gaining nearly 13 percent in 2014.

More than half of the move came early in the year, when the European Central Bank was preparing to start a money-printing programme. Four percent has come since September, when the Fed began clearly signalling it was finally going to raise rates.

At the other end of the spectrum, the oil price is heading for a 35 percent drop for the year. Having plunged last year, too, it started sliding again in May, when worries about resource-hungry China's slowdown began to bite.

As this graphic shows the drop really gathered pace in early October. Crude hit 11-year lows this week as top exporter Saudi Arabia continues to pump without constraint.

It comes against a backdrop of already heavy oversupply. U.S. oil production has doubled over the past six years, and Iran will soon be feeding more into the global market as its international sanctions are lifted.

There are other big winners that have rewarded the brave. Despite sanctions over Ukraine and the slump in oil, Russian bonds are up roughly 20 percent for anyone who brought at the start of the year. And the Hungarian share market has made more than 30 percent in dollar terms.   Continuación...