Talking Points:

- Emeging market currencies back under pressure.

- Light calendar pre-FOMC likely helps contain prices.

- Australian Dollar struggling, Japanese Yen rallying post-intervention.

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Higher yielding currencies and risk-correlated assets had been buoyed the past several days as hopes for increased efforts by emerging markets to calm market tensions would be announced. However, with the main catalyst of EM weakness still lingering - the Fed's QE3 taper plans - optimism has quickly faded.

Now, the Australian Dollar is quickly losing ground across the board - the recent rallies against the British Pound, the Japanese Yen, and the US Dollar look unhealthy at best.

--- Written by Christopher Vecchio, Currency Analyst

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