The biggest stories this week: Ugliness in emerging market currencies and the crash in Indonesia.
Let’s start with Indonesia, where the Jakarta market is over over 2.1%.
It had tanked about 5% both Monday and Tuesday, before rallying back just slightly yesterday. Now it’s diving again. It’s experiencing the crumbling current account deficit (bad trade, investment money fleeing the scene) that’s going on in a lot of emerging markets right now, and both its equity and currency are feeling the pain.
Turning to the currency world, we’re seeing the same stories we’ve seen all week for emerging market currencies.
Here’s a one-week look at the dollar vs. India’s rupee. As you can see, the dollar hit a new high against it today.
And Indonesia’s rupiah, roughly the same deal.
And finally, here’s the Turkish Lira.
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