By Sujata Rao
LONDON, March 9 Mon Mar 9, 2015 6:37am EDT
LONDON, March 9 (Reuters) - Turkey's lira snapped an eight-day losing streak on Monday to trade just off record lows to the dollar, and other European emerging-market currencies firmed as the ECB began its bond-buying programme.
However, expectations of U.S. rate rises are under-cutting most emerging markets. A robust jobs report in the United States on Friday boosted the dollar to 11 1/2-year highs and pushed up Treasury yields.
Asia followed Friday's broad emerging-market selloff. The Indonesian rupiah traded near a 17-year low and the ringgit and Singapore dollar also hit multi-year lows . MSCI's emerging equity index fell 0.8 percent to a one-month low, though Chinese stocks reversed losses to rise almost 2 percent as banks surged. .
The lira rose 0.7 percent, helped by a central bank decision to cut interest rates on foreign currency deposits. The currency has lost 4 percent this month. Turkish stocks also rose, by 1 percent.
A weekend meeting between the prime minister, central bank governor and other senior officials also allayed some worries over President Tayyip Erdogan's tirades against the central bank's failure to cut rates faster.
Any lira gains fuelled by the deposit rate cut were unlikely to last long, Jefferies analyst Richard Segal said. But he added: "It is a significant step from the standpoint of the government and central bank taking coordinated action on exchange rate volatility."
"Turkey dominates, but the underlying story is how will global risk appetite react to the underlying story of dollar appreciation," said Lars Christensen, chief emerging market analyst at Danske Bank.
"It's very hard to see any turnaround in the (Turkish) market in the short term with the overall global trend in place and increasing worry about the tension between the central bank and the government."
But he added that markets appeared to be discriminating between European and non-European emerging markets. The former are more likely to benefit from the start of bond-buying by the European Central Bank (ECB). Also, euro zone business sentiment is at 7 1/2-month highs.
The Polish zloty rose 0.2 percent to trade just off nine-month highs and the forint firmed 0.35 percent versus the euro . The Czech crown gained 0.3 percent after higher-than-expected inflation data.
The rouble fell half a percent against the dollar as oil prices fell below $60 a barrel.
Saudi stocks shrugged off weaker oil to rise almost half a percent, lifted by telecom firm Mobily, which gained 4 percent, extending gains on hopes of state support .
For GRAPHIC on emerging market FX performance 2015, see link.reuters.com/jus35t
For GRAPHIC on MSCI emerging index performance 2015, see link.reuters.com/weh36s
For GRAPHIC on MSCI emerging Europe performance 2015, see link.reuters.com/jun28s
For GRAPHIC on MSCI frontier index performance 2015, see link.reuters.com/zyh97s
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see ) (Additional reporting by Chris Vellacott; Editing by Larry King)
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