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European Open: Lira today, ErdoGONE tomorrow
The Turkish Lira hit fresh new lows overnight as President Erdogan fired his Finance Minister (for opposing rate cuts, along with everyone else).
European Open: RBNZ hike, FTSE holds support, Lira in freefall
Technically we suspect the FTSE has seen an important low around 7200 (but we cannot say the same for the flailing Lira). Up later is US GDP and revised consumer sentiment.
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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...