The dollar’s relentless rise is threatening to trigger more outflows from Asia’s emerging-market shares, spoiling hopes of the region making a comeback in the second half. A gauge of Asian currencies has slumped to its lowest in more than two years, an ominous sign for equities given their strong relationship with moves in foreign exchange. The MSCI Asia ex-Japan Index has fallen 20% as foreign investors took $71bn out of stock markets in emerging Asia outside China so far this year, already double the outflows in 2021. The dollar has steamrolled through global currency markets lately, benefiting from bets on aggressive Federal Reserve rate hikes. A stronger greenback bodes ill for Asian
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