Frontier market currencies are having a difficult time, with only three of the 31 currencies that we follow gaining ground against the US dollar over the past month. The biggest decline has been in Myanmar, where the kyat is down by 10% against the dollar. The currencies of the Balkan states have also dropped back, due mainly to the weakness of the euro, which they tend to track (or are pegged to in the case of Bulgaria). Meanwhile, strains in the balance of payments have weighed on the Ukrainian hryvnia and the Kenyan shilling.
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