From the Hungarian florin to the Argentine peso, emerging market currencies are the flash point for global growth fears as the Fed pulls back from its easy money policy.
Many of those currencies were under pressure Friday as selling also spread across world equities markets. The euro and European stocks were especially challenged after weaker-than-expected European inflation data. U.S. stocks fell sharply but came off their lows after European markets closed for the weekend.
"If somebody devalues over the weekend, or the contagion spreads in emerging markets, this is a tenuous time for the market," said Dan Greenhaus, chief global strategist at BTIG. The Fed is reducing its support, and the data has been mixed."