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Emerging Markets or Submerging Markets

Over the year, emerging markets have been slumping. In recent days the Indoesian, Thai, and Indian markets fell. In addition the their currencies have been depreciating against the dollar. Below is a look at the JP Morgan Emerging Market Currency Index, you can see in recent months markets have been tanking.

(Image Source: Risk Reversal) 

According to Risk Reversal, emerging market currencies performance correspond to the performance of the U.S. markets. Do you think emerging market currencies will begin to pull U.S. markets further down?