EMERGING MARKETS-EMEA currencies dip, Turkey’s lira slips on inflation spike

 EMERGING MARKETS-EMEA currencies dip, Turkey’s lira slips on inflation spike

* Lira falls as much as 0.4%, June inflation at 2-year high

* EM stocks muted

* Rand, rouble fall on sluggish PMI readings

By Ambar Warrick

July 5 (Reuters) – Turkey’s lira, and most currencies in Europe, the Middle East and Africa fell on disappointing economic readings, while broader emerging market currencies gained on Monday as mixed U.S. labour data weighed on the dollar.

MSCI’s index of emerging market (EM) currencies rose about 0.3% and was set to snap a five-day losing streak, with the dollar stalling on signs of weakness in the labour market, which is a key factor for the Federal Reserve to consider tightening policy.

Data showing rising U.S. unemployment cut short a dollar rally last week and helped emerging market assets, which had been under pressure from some hawkish signals from the Fed.

But currencies in Europe, the Middle East and Africa (EMEA) traded lower on Monday, with Russia’s rouble falling 0.4% to 73.3575 to the…

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