Movement of emerging market currencies over the past year.

The US Fed's excessive money printing may have done the damage to the economy's debt burden. However, as the US central bank unwinds its QE policy and cuts down its bond buying programme, the recipients of the cheap liquidity supply are left to panic. The major currencies across emerging markets, with the exception of China, saw massive correction over the past year. Countries with high current account deficits have been the worst hit. Argentina, which is running out of forex reserves to protect its currency, has seen the Peso fall by as much as 37.9%. And as the US continues to taper the QE in a slow but steady manner the damage to these currencies is far from done!