Short the US dollar
. If Yellen continues tapering, I think EM currencies will continue raising rates to defend their economy, and the trend since the Turkey rate hike will continue. No taper, and I think USD will continue being sold to purchase US equities, bonds, and EM stocks. Most notably, the Renminbi continues appreciating, slowly but surely. I think this trend continues, even in the face of China's impending credit crisis.