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Emerging Market Currencies Submerging, Euros and Dollars Hanging Tough

Emerging-market currencies are sliding with commodity prices, but hawkish central bankers are propping up the euro and the dollar. Get your daily FX fix right here.

Are the happy days almost over for currencies of major commodity-exporting countries? [FT]

Weaker commodity prices are putting a dent in many emerging-market currencies. [WSJ]

On the other hand...if emerging-market governments start to recognize the importance of fighting domestic inflation with higher interest rates, that could eventually help their currencies. [FT]

The euro is stronger against the dollar after European Central Bank President Jean-Claude Trichet's comments about excessive inflation in the eurozone. [Reuters]

The dollar was trading at its highest level relative to the yen since the G7 intervention earlier this month, thanks to that hawkish Fed official. [WSJ]

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