The Figure 3 trend line shows a negative relationship between a country’s fiscal position during the 2010–12 period and its rate of currency depreciation between May and December 2013. That is, emerging market countries with weaker fiscal positions before the tapering news experienced much greater currency depreciation than their counterparts with surpluses and smaller deficits. The fragile five are well represented in this group, exhibiting higher deficits and more severe currency depreciation. A similar pattern is observed in Figure 4, with the trend line showing a negative relationship between depreciation rates and current account balances. Countries running larger current account deficits during the 2010–12 period faced greater depreciation of their currencies after the May 22 testimony.