August can be a tricky time for markets. It was the month Russia defaulted (1998), China devalued the yuan (2015) and BNP Paribas kicked off subprime meltdown by freezing three of its funds (2007).
Plenty could go wrong this August as the world economy staggers under the pandemic, Sino-US tensions bubble and the US election contest gets ugly.
Now watch Turkey, at risk of repeating the 2018 lira crisis.
The lira tumbled 2 per cent against a weakening dollar in July, and there's little ammunition to defend it. Policy credibility.