Meanwhile, In Turkey…
[The lira] is the weakest link.
That's from Rabobank's Piotr Matys, who worries that if the selloff in Turkey's currency worsens over the next week or two, it could have knock-on effects for EM FX more broadly.
As you're probably aware, there's a recount going on in Istanbul where, long story short, NATO's favorite autocrat is refusing to concede, despite AKP's candidate losing the mayor's office to the opposition pick last week. AKP has held Istanbul since 1994.
"I understand that it is not
And, as you’ve often pointed out, wherever Erdogan goes, Trump usually follows. He’s already complained about close races in the US in which “the democrats always seem to win.” My impression is the exact opposite, so I view this as foreshadowing serious GOP fuckery come 2020.