When the dust settles after the Federal Reserve's rate decision, investors will shift their focus back to fundamentals, says Goldman Sachs, highlighting the Mexican peso, Indian rupee, Czech koruna and Polish zloty as bright spots in the emerging markets currency space.
"[These are] the only bright spots where the real business cycle is still operating at a solid pace," the bank said in a note.
Emerging market currencies, from the Brazilian real to the Turkish lira, were hit by relatively indiscriminate selling over the summer amid jitters over the prospect of Fed tightening as well as China's surprise currency devaluation.
However, as Goldman points out, not all emerging market currencies are made the same.
The four currencies are "better medium-term stories given that they are also less directly affected by China concerns relative to other Asian and commodity currencies," it said.