Stocks hit 9-month highs

Emerging market stocks hit nine-month highs this week ahead of a slate of central bank meetings in key countries.

The MSCI Emerging Market Index gained 0.2 per cent this week as meetings of the Federal Reserve, Bank of Japan, and others loom on the horizon.

Nigeria's naira declined to 310 to the dollar as their central bank is expected to raise interest rates to 13 per cent from their current of 12.

"With inflation at 16.5 percent if they want to really deliver a positive credibility shock they need to do 500 basis points, though I doubt they will," said UBP Asset management's EM Macro and FX strategist Koon Chow.

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Read more at Reuters.