Goldman Sachs on today’s market action:
"Recent price action is reminiscent of the 2013 Taper tantrum, when the dollar rallied sharply against emerging market FX but weakened versus the G10. Back then, the sell-off originated from then Chairman Bernanke’s Congressional testimony in May 2013, where he flagged the possibility of tapering asset purchases, which set in motion a bear steepening in the US yield curve and resulting pressure on EM FX."
