Currency extends losses for 2017 to 7%

Yep, it’s still falling.

Turkey’s battered currency is taking no break from its recent woes at the start of European trading this morning and is down another 1.2 per cent against the dollar on the day.

That takes its 2017 losses to an already whopping 7 per cent against the greenback at TRY3.7589 – another record low having suffered its worst daily blow since July just yesterday.

To recap: collapsing growth, security jitters, an unprecedented erosion in democratic standards and rising bank liabilities are all making for a toxic mix in a country once hailed as an emerging markets darling.

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Chart via Bloomberg