The big headline maker of the day so far is not stocks but the FX markets as the dollar index exploded to 8-month highs (second biggest daily gain of the year) after a dovish Draghi sent EUR/USD tumbling...

This is actually the highest close for the dollar since July 2017...

And despite numerous interventions, promises of intervention, and threats - Emerging Market FX was a bloodbath...

Falling to its weakest since Feb 2016...

Mexico was mashed...

3 additional swap auctions failed to hold the Real...

Erdogan threats failed to hold the Lira...

 The Rand was routed after Eskom announced the first power outages since 2015...

And IMF bullshit and promises of billions in interventions did nothing for the Argentine Peso which was clubbed like a baby seal...

The peso has lost 96.5% of its value relative to the dollar since 2001.

And as the peso plunged so Argentine Century bond yields spiked to 9%... (price is now below 80c on the dollar)

And before we leave the carnage...

Hugh Hendry has some advice...

Hugh Hendry's advice to Emerging Markets pic.twitter.com/o8cY1iOgaN

— zerohedge (@zerohedge) June 13, 2018