On Thursday, most emerging-market currencies fell due to a stronger US dollar, which gained 0.3% following positive retail sales data from the US. Retail sales increased by 0.5% in April, building on a revised 1.6% gain in March, suggesting consumer resilience in the face of rising gasoline prices. This data supports the Federal Reserve's potential for maintaining a restrictive monetary policy. The South African rand, Chilean peso, and Mexican peso were notably weak, while the Brazilian real rose 0.6%, recovering from previous losses. In the equities market, developing world stocks rose 0.7%, driven by optimism surrounding US-China trade talks and the performance of technology companies in Taiwan and China. The technology sector outperformed other sectors, highlighting a bifurcation in emerging-market stocks between AI-related and non-AI sectors.