I am paying close attention to EM FX. I have seen cycles like this one before, but this seems to have some extra fuel. The BIG REFLATION trade has made valuation extreme and the unwind could be very painful.

What we are witnessing in Turkey may not be an isolated event.

Today South Africa raised rates and the Rand (USDZAR) has taken a beating.

When risk comes off hard, EM is the FIRST SHOE to drop.