Ditch the dollar and buy emerging markets, says Citigroup strategist

The Federal Reserve’s decision to leave interest rates unchanged as well as its dovish tone are signs that it is time for investors to dump the U.S. dollar in favor of emerging-markets currencies, according to one of Citigroup’s top currency strategists.

The U.S. dollar was mixed against emerging market currencies with the buck USDMXN, -0.1554%  0.3% higher against the Mexican peso and 1.7% against the Brazilian real USDBRL, -0.0385% But it fell 0.4% against the Korean won USDKRW, -0.13% and retreated 1.2% versus the Malaysian ringgit USDMYR, +0.4195%

The ICE dollar index DXY, +0.01% a measure of the greenback’s strength against a basket of six rival currencies, fell 1% to 94.50.

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