‘It’s A Race To The Bottom’: Ruble, Lira Crushed As Russia, Turkey Face Burgeoning Currency Crises

Soft equities, lower bond yields, TRY and RUB in an FX race to the bottom. That's how SocGen's Kit Juckes described Wednesday so far and it underscores the idea that the ruble and lira are, like Ron Burgundy, "kind of a big deal." I talked at length about this over at Dealbreaker on Tuesday in "This Is The Stuff Crises Are Made Of" and one of the points I made in that post was as follows: Speaking of Syria, you’re reminded that Trump, Putin and Erdogan all have a stake in the outcome there. A