Emerging market stocks and currencies were set to close Wednesday with their biggest monthly declines in a year, as signs that a U.S. economic rebound would outpace other developed markets lifted demand for the dollar and U.S. equities. The MSCI index of emerging market currencies was up about 0.1% by 0800 GMT, but was still on track to end the month down about 1.1%, its biggest percentage decline since the coronavirus-driven crash in March last year. High-yielding currencies in the region have come under pressure from a rising dollar, as strong U.S. macroeconomic data and inflation concerns have pushed bond yields to one-year highs.

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