EMERGING MARKET CURRENCY ANALYSIS:
The Turkish Lira drops nearly 20% on the day, tainting EM currencies across the board.
USD/ZAR trades higher despite attempt to halt the EM slide.
IT’S NOT A CRYPTOCURRENCY, IT’S THE TURKISH LIRA
On Tuesday, FX markets ran rampant as the Turkish Lira depreciated against the dollar nearly 20% in a single day. To put the move into context even a 2% move in the FX market is considered quite large and, well, this is nearly ten times that
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