Daily Chart USD/TRY
A series of political scandals and accusations of mismanagement in some of the world's major developing economies triggered turmoil on international stock exchanges on Friday.The FTSE 100 fell more than 100 points, or 1.6%, and the US Dow Jonesdropped 1.2% as traders reacted to concerns that Argentina, Turkey, South Africa and several vulnerable Central American nations might be on the brink of a currency crisis. Political instability in Ukraine and the nose-diving Venezuelan economy added to the nervous atmosphere on exchanges, which have spent the last few weeks galloping ahead on the back of stronger growth forecasts in the US, UK and Japan.Central banks waded into the markets in an effort to stabilise currenciesthat were rapidly depreciating in an emerging markets selloff.In the wake of the collapse of the Argentine peso, which kickstarted the latest wave of selling, the Turkish lira hit record lows despite spending an estimated £1bn to prop up the currency's value during the day. The rouble and the rand languished at levels not seen since the 2008-09 financial crisis. http://www.theguardian.com/business/2014/jan/24/emerging-market-currency-chaos-stock-markets
