The global market spotlight on Monday looks set to zoom in on the dollar, especially its performance against emerging market currencies, after U.S. President-elect Donald Trump’s weekend warning against the so-called ‘BRICS’ nations. In a social media post on Saturday, Trump demanded that the ‘BRICS’ countries – Brazil, Russia, India, China and South Africa – commit to not creating a new currency or supporting another currency that would replace the U.S. dollar, or face 100% tariffs. This comes after Trump had already injected additional volatility into world currency markets last week by proposing big tariffs against China, Mexico, and Canada – countries the US has some of its largest trade deficits with.
