“All he’s got to do is stay down,” says Turkish in the Guy Ritchie-directed film Snatch, hopeful the boxer he has been promoting will throw the fight as discussed. Those familiar with the film might recall that line as they look at the Turkish lira today and the impact it is having on other emerging markets currencies.

The lira has chalked up record lows against the US dollar on Friday as leaders in Turkey struggle to convince the markets of their ability to prevent the economy from lurching toward crisis and after US President Donald Trump tweeted that he will raise tariffs on steel and aluminium imports from the Middle Eastern nation.

The lira is the worst-performing currency today by a long shot, and all emerging markets currencies were lower against a resurgent US dollar.

That was weighing heavily on the JPMorgan emerging currencies index, which was down 2.1 per cent at a record low 62.246. The gauge was introduced in 2010.

This year, the lira is also the worst performer among peers, followed by the Argentine peso.

The flight for haven assets has seen investors head for the Japanese yen and Swiss franc, which are popular bolt holes in times of market stress, They are the only currencies higher against the greenback as of pixel time.

The DXY index, which tracks the US currency against a weighted basket of global peers, was up 0.7 per cent to 96.183 in its biggest one-day rise since mid-June. It was also the first time the index had risen above 96 since July 2017.

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