No Comment,
I follow these countries a little due to my own personal interest, but they aren't the main markets I follow (unfortunately). The USD has rallied due to safe haven buying and the credit crisis (credit is still tight and LIBOR rates have ratcheted up again). Countries that depend primarily on commodities for income, like Peru, have seen their currency decline as the demand for commodities has declined (and the speculative bubble burst). There's a double whammy with this as projects to expand the commodity base are cancelled (building roads, processing plants etc. which formerly employed other workers in the country and increased demand for the currency). I am not sure about Colombia, but I would imagine a decline in outsourcing from Brazil, a decline in some of their main exports (coffee, flowers), and the emerging market status has negatively impacted them. Emerging markets have been hit hard by capital outflows as they are more levered to the US economy and the downturn their will be several mutliples of what it is in the US (exacerbated of course by the lack of financial wherewithal of their citizens to help them whether a downturn and cushion declines in spending). Little longwinded, but I'm sure you get the jist.
