JAKARTA/SEOUL -- Emerging countries may soon reach a turning point in their currency battles. Selling pressure on currencies of relatively unstable emerging nations may start easing. But it is also possible that the market turmoil may continue and even deepen in the coming weeks, delivering a blow to stock markets and dimming economic prospects around the globe.
The most important news for battered emerging countries will come in the form of Janet Yellen's testimony before Congress, her first as the chief of the Federal Reserve Board. Yellen will appear Tuesday in her first semi-annual monetary policy testimony before the House Financial Services Committee. She will face the Senate Banking Committee on Thursday.