Emerging markets are going strong. The Federal Reserve interest rate hike last month passed without much turbulence. In fact, after The Fed raised its rates, nearly all emerging market currencies appreciated against the US dollar.

The Mexican peso, the Russian ruble and the Korean won all appreciated by 8 percent to the US dollar, year to date. The peso even jumped by 11 percent. South Africa, in the midst of a political turmoil between its presid