European Open: Turkey could be headed for a runoff election
The Turkish lira sank to a fresh record low against the US dollar as President Erdogan remained in the lead, although has yet to enjoy an outright majority.
The ‘Central Bank of Erdogan’ Sharpens its Rate-Cut Knife
Turkey’s central bank announce their rate decision at 11:00 today. And, if prior meetings are anything to go by, we suspect it will be another lively one.
Turkey’s inflation data may embolden Erdogan
The inflation print beat expectations of 20.4% YoY, possibly because of the 200bps rate cut on October 21st!
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Asian Open: Central Bank of Erdogan (CBOE) pulls no punches
USD/TRY won currency of the day to hit new highs after ‘impartial’ President Erdogan’s hand-picked central bankers cut rates by 200 bps despite raging inflation.
USD/TRY lurches higher as traders question the central bank’s independence, 10.00 next?
Traders’ fears that the nominally independent central bank is becoming hopelessly politicized are being realized, causing a widespread loss of confidence in the lira...
Currency Pair of the Week: USD/TRY
USD/TRY may be volatile this week as the markets try and figure out what to make of the new CBRT Governor
USD/TRY: Lira Stabilizes After Turkey’s Central Bank Delivers Surprise Rate Hike
USD/TRY remains a clear uptrend despite today’s dip, with rates still trading higher on the week and up nearly 20,000 pips (!) from the January lows.
Week ahead: EM currency crisis and key UK data
Another week has flown by and what a disastrous one it has been for the likes of the Turkish lira and to a lesser degree the British pound, but once again it has been a good for the US dollar.
TRY as It Might, Turkey Can’t Stop Its Currency from Melting Down
The economic situation in Turkey has been a powder keg for months, and it’s finally found a spark.
TRY this: GBP/TRY could be forming a major base
The Turkish Lira slumped late in the day on Friday when news of what turned out to be an unsuccessful coup attempt in Turkey hit the wires. The lira was able to regain its poise at the open overnight, but volatility should remain high in the coming days nonetheless. Understandably, there is still a lot of uncertainty in Turkey and risks remain high we may see renewed capital flight from the country. In the medium-term, the Turkish economy and corporate earnings could suffer because of the likely negative effects the political situation and on-going terrorist threats pose on the tourism industry.