"Currencies have to go where the market wants them to go," says Marketfield Asset Management's Michael Shaoul, speaking about emerging markets. Central banks have been doing everything from hiking rates and selling dollars to imposing capital controls, but at some point they may need to step aside and let their currencies fall.
If so, writes Brendan Conway, cheap emerging markets stocks still aren't cheap enough. In today's action: EEM -2.3%, VWO -2.5%, DEM -2.1%.
Other broad EM ETFs: AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.
EM currency ETFs: CEW, AYT, JEM, PGD.
Earlier: India, Turkey, Southeast Asia all pounded.