All the pesos are getting pounded - Argentine, Colombian, Chilean, and Mexican - but the 'best indicator of EM turmoil' - the Brazilian Real - is really suffering...

The Emerging Market massacre continues to accelerate, amid an incessantly strengthening USDollar.

Latin American currencies just keep selling off even as commodities, the region's main exports, rise.

And Bloomberg's Lisa Abramowicz points out that the biggest local-currency emerging-markets ETF has lost nearly 20% of its assets since the beginning of April.

The storm before the bigger storm......