Emerging-market currencies snapped an eight-day winning streak on Monday as hopes faded for an imminent peace deal, even though President Donald Trump tried to calm market jitters by saying talks with Iran are moving at a “rapid pace.”

Currencies in the developing world sank after a blowout US jobs report provided the clearest sign yet that the labor market is breaking out of a prolonged period of lackluster hiring, undercutting the case for rate cuts from the Federal Reserve.