Something to make you smile this morning: If you buy the notion that more consumption in developed economies is ultimately good for EM, then you’ll be happy to know that the United States, the Eurozone and Japan have all released data that suggest their economies are showing “renewed signs of breaking out of post-crisis doldrums,” reports the Financial Times.

…and something to make you scowl: “Investors reaping handsome returns on emerging-market currencies this year might do well to heed a warning once made by Harvard economist Jeffrey Frankel, who likened carry trading to ‘picking up pennies in front of a steam roller.’ Economic theory — and history — suggest the strategy of borrowing where interest rates are low to invest in high-yielding currencies is prone to the risk of a sharp reversal when too many investors pile into the trade,” Natasha Doff writes for Bloomberg.