Emerging market currencies have regained all the ground they lost since the US presidential election. Expectations of a stronger dollar and possible protectionism led to a sharp selloff just after Donald Trump was elected on November 8. Since then the EM currency index has recovered, despite a faster-than-anticipated rate of tightening by the US Federal Reserve. This is not a monetary story, but an economic growth story. With China, Europe and the US all showing improved growth, the economies with the cheapest stock market valuations and highest upside are showing relative gains.