We’ve been jumping on the emerging market picture for a good few days now and I don’t want to over egg the pudding, but while the dollar seems fairly sedate here, elsewhere is a different story.

Today the Turkish lira recorded another record low against the buck posting 1.9745. That’s a 13.5% move this year and follows the Indian rupee, the Pakistani rupee and Indonesian rupiah down the pan.

For once, the dollar is coming out of the toilet.

toilet 2