August historically is a difficult month for emerging markets, Bloomberg writes. However, one measure allows considering this August as a record bad. Bloomberg currency index that tracks trade returns on eight emerging markets fell since the end of July by 6%. This is the biggest August drop since 1999.

While US Fed’s steps caused dollar rise to the highest level in 14 months, currency crisis from Turkey to Argentina and trade war between China and the US reduced demand for high-risk assets. Turkish lira, Argentinean peso, Brazilian real and Russian ruble were hit the most.

August is usually characterized by high volatility, as many market participants take vacation. This is why any event on the market can result in significant swings.

MSCI Index for Emerging Markets fell by 1,8%. Emerging markets risk aversion index measured by Citigroup Inc. grew this month by 161%.