Turkey, TRY: Contagion is already here, chances are slim it stays in the FX market

Snippets from David Rosenberg, Chief Economist & Strategist at Gluskin Sheff + Associates

The contagion is already here, and chances are slim it stays in the FX market alone

• Turkey is not the only country who's currency is melting away. The real is off 21% from its nearby highs. The rand is off more than 20%. The forint has collapsed 13%. The zloty has sagged 12%. The rupiah is down more than 9%
• Singapore dollar, Malaysian ringgit, Thai baht and Taiwan dollar are all down 5%-6% too

I have a lot of time for Rosenberg. Smart cookie.

Rosenberg here with comments on other currencies, but expects it to spread beyond forex.

I posted earlier this:

• Bolton met Turkey's ambassador to the US to discuss detention of pastor

If the political side of things can simmer down there might be a chance to avoid wider contagion. Our eyes and ears on the politicians once again …

TRY update: