After depreciating for over 18 months, the US dollar has managed to make a comeback, recouping its 5% YTD loss in a matter of weeks. Coupled with 10 year US Treasury (UST) yields hovering around 3%, this has put pressure on Emerging Markets (EM). Indonesia local currency bonds have sold off over fears of fragility, the Turkish Lira sell-off accelerated, and Argentina had to raise interest rates to 40% to stem the loss in its currency.