2015 is turning out to be a tough year for EM FX investors: Barclays

Quotes from Barclays Capital:

-Only a couple of months old and 2015 is already looking like a challenging year for EM currencies. Faced with surprise central bank actions, Greece uncertainties, a back-up in US Treasury yields, and a firmer USD, times are tough for EM FX investors. Only a handful of currencies, led by the INR, have managed to register gains against the USD so far this year, though overall Asian currencies are outperforming other regions.

-At the other end of the scale, the RUB and BRL are leading the decliners, with both currencies beset by negative idiosyncratic factors in addition to the general issues noted above. While we have been wary about investing in EM FX versus the USD, we have maintained our stance that EM currencies look far better against the EUR and this remains the central theme in our forecasts for the months ahead.