Bad news is said to come in threes. That has been the case in emerging markets which have endured their third wobble of the year in the past few days.

The selling pressure reached its peak on Monday when the Turkish lira fell 6.1 per cent, taking its one-week slide to 13 per cent. The Indonesian rupiah also fell 3.7 per cent, the South African rand 3 per cent and the Polish zloty 1.9 per cent.