Just noticed the dollar is getting hammered after that PPI release, and emerging market currencies are feeling the pain. Mexican peso and South African rand both hit daily lows as traders reassess inflation expectations. What's interesting is how the rand weakness is dragging down other commodity-linked pairs too - even the pound to rand move is showing some interesting divergence right now.

The market seems spooked by the inflation signals in the data. Everyone's wondering how aggressive the Fed will be with policy next, which is basically reshaping the whole FX landscape. Been watching these emerging market currencies pretty closely, and the pressure on the peso and rand feels pretty sustained at this point. Could be a longer-term shift if inflation stays sticky.