I don't think so. This currency crisis is the direct result of massive QE and it's not just affecting the EMs. The core is also very weak. The markets are not being driven by fundamentals, but by massive money printing and at least in the US the market is highly leveraged. This currency crisis is just the tip of the iceberg. Watch both China with their massive debt problems in their shadow banking system and Japan as it tries to create inflation with ever increasing amounts of QE only to result in large trade deficits and consumer inflation mostly in energy. This is much more than a currency crisis. When this tsunami hits the core, the CBs will be powerless.