Finding the odd one.... nevermind. there is no odd-one out anymore

A little while ago I was looking at the co-movement of local equity markets and currency markets. I singled out Mexico and Korea as being "susceptible to repricing" and asked "What do the currency markets know that the equity markets don't yet reflect (or vice-versa)?" Turns out it seems that it's more vice-versa, at least in Mexico's case.

Mexico had looked like this:
Now it looks like this:
The equity markets kept grinding higher and the Peso, after its sell-off has followed suit.

Here is what Korea looked like:
Here's what it looks like now:
Here the Won had kept appreciating while the equity markets sold off. Now they're back (although Korea is the worst-performing market in the MSCI Emerging Markets month-to-date.)

Maybe the way to play this sort of thing is through a relative value trade.