In the early stages of what is euphemistically referred to as unconventional monetary policy – also known as quantitative easing, or QE – many developing countries felt the brunt through a rapid strengthening of their currencies. Then came the so-called ‘tapering’ threat, which resulted in a rapid currency retreat. But when tapering was delayed by the Federal Reserve in September, emerging market currencies and markets happily surfed the fresh QE wave. What’s next?