Correlated Currencies

"Sometimes it's very difficult to keep momentum when it's you that you are following."
--Eva Peron (Evita)

Emerging market currencies are one of many places where we are seeing correlated stress.

Rates of forex decline against the dollar have picked up as Fed 'tapering' has become reality. Tapering tilts the dominos. One of the dominos reads that tapering reduces money printing by the Fed, which strengthens the dollar (less supply) vs other currencies.

Nice example of policy contagion.