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Turkish Delight: Full Week Ahead Preview

Pray for Turkey.

I’m calling out to industrialists, do not attack banks to buy FX. It is industrialists’ duty too to keep this nation on its feet. Otherwise we will set into motion our plan B and C. That's from one of three speeches Recep Tayyip Erdogan delivered on Sunday in the hours ahead of the market open in Asia and needless to say, exactly nothing the Turkish President said over the weekend will quell investor fears. Early indications suggested there's more pain ahead - USDTRY was quoted above 7.23. Last week, Wells Fargo suggested the lira could see 8.00 in the absence of ... I don't know ... in the absence of something that isn't likely to happen. The lira tumbled as much as 17% on Friday as concerns about central bank independence and the worst diplomatic spat between Washington and Ankara in recent memory finally culminated in the collapse of Turkey's currency. Donald Trump's decision to double metals tariffs applicable to Turkey was just gas on the fire. (Annotating Friday's collapse in the lira) Erdogan remained defiant, lashing out at the U.S. on Saturday and doubling down on Sunday in Trabzon, where he variou
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1 comment on “Turkish Delight: Full Week Ahead Preview

  1. Harvey Darrow Cotton says:

    Hopefully sanctions on Russia will include asbestos.

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