If we consider an index of currencies of emerging markets (EM) JPMorgan, September was one of the strongest months for EM currencies in May of 2009 (when the rally gained momentum on the quantitative easing), and growth of 4,4% was the third in the last 10 years for emerging market currencies. Indirectly, it also has an impact on the strength of the euro on capital flows have grown at a surplus balance, which currently managers least likely keep the dollar.
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