Before revision:  The distinct nature of the fluctuation dynamics for currencies of developed , emerging and frontier economiesare characterized in detail by detrended fluctuation analysis and variance-ratio tests, which shows that less developed economies are associated with sub-diffusive random walk processes . We hierarchically cluster the currencies into similarity groups based on differences between their fluctuation distributions as measured by Jensen-Shannon divergence. These clusters are consistent with the nature of the underlying economies - but also show striking divergences during economic crises.
After revision:  The distinct nature of the fluctuation dynamics for currencies of developed , emerging and frontier economiesare characterized in detail by detrended fluctuation analysis and variance-ratio tests, which shows that less developed economies are associated with sub-diffusive processes which we relate to the anti-correlated nature of the underlying economies - but also show striking divergences during economic crises.