Developing world investors, buffeted by various "taper tantrums" over the last decade, are now nervously watching as the rainmaker of global markets — the U.S. Federal Reserve — readies its most aggressive rate hike cycle in 17 years.

More hot jobs data on Friday drove the benchmark for world borrowing costs, the 10-year U.S. Treasury yield, to its highest level in two years, prompting yet more gnashing of teeth among emerging market (EM) money managers already having a tough year.

Deutsche Bank's analysts point out that while some currencies managed to save face here and there, anyone who took the approach of hedging foreign exchange risk would have seen only one year that started worse than this one since 2010.