Emerging Market FX Suffers "Death Cross" As Lira, Rand Collapse

It's a sea of red across Emerging Market FX today with the JPMorgan EM FX index suffering death cross as it tumbles to fresh 16-month lows...

And while all eyes recently have been on the Argentine Peso...it is being massively supported by BCRA today as they promised up to $5bn of peso buying at 25.00.

It is the Rand and the Lira that are getting crushed today...

The Lira is tumbling to new record lows as Erdogan threatens to take control of monetary policy...

 

And South Africa's Rand is tumbling as it tries to market a new eurobond sale...