Currencies

JPMorgan Caught Out by EM Currency Gains: It ‘Has Not Worked’

The JP Morgan Chase & Co. headquarters in New York.

Photographer: Michael Nagle/Bloomberg

On the day President Donald Trump unveiled the steepest tariff hikes for US trading partners in a century, JPMorgan Chase & Co. had a trade ideaBloomberg Terminal for clients: Go bearish on emerging-market currencies.

Almost a month later, and following a resilient performance in much of the developing world, the Wall Street bank is changing tack.