And we've had another day of nervous excitement ahead of next week's emitting of the federal reserve.

Oil continues to hit new lows.

The branch price drops below forty dollars baro.

Today, stock markets will decide limit around the world

the S&P inherit states, be headed for a good day but gave up most of its gains.

By the ends, I think the critical form of today has been foreign exchanged, particularly emerging markets.

While we're looking at here, is JP Morgen's emerging market foreign exchanging

covers nine major foreign currencies of emerging markets and it's drop to a new low since its inception.

Critically it's lower than it was back to September at the point when

the pressure of some emerging markets' currencies seems to force the Fed to pass raising rates.

If we take a look, particularly, at South Africa, where they are in something close to crisis

over the decision to that finance minister, you can see that this is now a very dramatic new record

low for the rand against the dollar which could create very serious impact.

Perhaps more important for the Fed, however, we need to look at the currencies of America's two neighbors

Canada and Mexico, we don't normally think of those two countries having much in common beyond that for the US,

but as you can see their currencies have been treated by the markets.

It's almost their identical for the last two years.

In the case, of the pay sell one point today was on the course for its lowest close against the dollar ever

narrowly avoided that.

But it really does have a dilemma.

The Mexican central bank will be meeting the day after the Fed on Friday of next week.

Everyone assumes or has assumed that they will have to follow through the rate hike to defend their currency.

If we take a look at Mexican inflation now,

plainly Mexican inflation is normally regarded as a problem for being too high.

That's how you decide three percents, their inflation is dropping very significantly .

It's hard to see even if the Fed heights,

it's hard to see how Mexico can respond with the height of its own with the inflation falling like that.

At home, this is only one of many dilemmas we're likely to see around the world

if the Fed does raise rates.

We have an interesting time ahead of us.