TRY, BRL sink of default concerns

The market focus this afternoon is on EM currencies with BRL, TRY, ZAR and MXN all down in excess of 1% against the greenback. With the pace of capital outflows form emerging markets there's growing fear that at least on of the major market could find itself in a position to run of FX reserves. While a default of Turkey or Brazil looks like a remote scenario for now, this is something that clearly needs to be watched.

USDTRY soars above 2018 crisis levels. Source: xStation5

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