driven by the continuous withdrawal of assets from the United States, the currencies and stocks of developing countries rose at the beginning of this week, prompting investors to shift towards undervalued emerging market assets. As of 00:00 Beijing time on Tuesday (12:00 Eastern Time), the MSCI Emerging Markets Currency Index rose by 0.2%, reaching its highest level in intraday trading since early October 2024. The Polish zloty, Romanian leu, and Thai baht saw the biggest gains among a basket of currencies tracked by Bloomberg. Concerns about the slowdown of the world's largest economy - as well as recent concerns about U.S. President Trump potentially firing Federal Reserve Chairman Powell - are fueling the so-called "sell America" trades, leading to sharp declines in the U.S. stock market and the U.S. dollar. The dollar fell to its lowest level since the end of 2023 at one point. "This is a rotation from the U.S. to Europe, which is also benefiting some emerging markets," said Brad Bechtel, FX director at Jefferies.