Emerging-Market Currencies Are Soaring

Emerging market (EM) currencies are soaring after the Federal Reserve's shock decision to refrain from tapering its quantitative easing program of monthly bond buying yesterday. Treasuries rallied aggressively, forcing rates lower in the United States, which also flowed through to EM. "EM is the asset class which suffered most from the ‘taper talk' and is the one which is bouncing most as the removal of stimulus is delayed," says Société Générale strategist Kit Juckes. "Of course, ‘delay...