I was planning on writing some kick ass review about last week but I can only simply put my thoughts. While the US equities are still in killer shape and the US govies retreated from their highs, the emerging markets are failing to benefit from the lowering yields compared to the hit they took in June… That being said, I believe with the imminent tapering of QE, the EURUSD probably will go south so as the EMs.
While listening to FED officials (especially Bernanke), I couldn`t stop wondering why they cannot stick to their opinions after making a statement. The shift in the tones indicates a very low tolerance towards sliding indices which is weird considering the domestic big picture has been improving and a 5-10% loss is certainly not the end of the world.

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