Whichever way you slice it, it all comes down to the dollar. It doesn’t matter whether we’re looking at the U.S.  U.S. Dollar Index or emerging market currencies. It’s a dollar story, and it impacts risk assets.
The overlay chart of the Emerging Market $智慧树新兴货币策略基金 (CEW.US)$ and the $标普500指数 (.SPX.US)$ highlights critical former lows. In the spring of 2016 and 2020, both these indexes bottomed around the same time before experiencing significant uptrend...