Currency markets giving hint of rising risk aversion.

Well the Emerging-market currencies are getting hit, with many of these currencies having given up all their gains for the year in recent sessions. The selling is being driven by risk aversion, worries about rate cuts in these countries and signs that they are all feeling the pinch of the slowdown in the developed world. The dollar is up 2% against the Mexican peso at MXN12.9597 and 1.7% versus the Brazilian real at BRL1.7051