TRY

Lira slumps further as crude oil nears $122

The Turkish Lira hit fresh new lows overnight as President Erdogan fired his Finance Minister (for opposing rate cuts, along with everyone else).

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.

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.

Leaving little room for misinterpretation on Friday, Fed Chair Jerome Powell clearly stated that tapering is imminent yet poured cold water on any rate hike occurring soon.

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.

News that Fitch ratings agency placed 29 Chinese property developers under closer scrutiny seemed to see a sudden inflow into the yen, knocking many crosses from their (overextended) highs.

News that Fitch ratings agency placed 29 Chinese property developers under closer scrutiny seemed to see a sudden inflow into the yen, knocking many crosses from their (overextended) highs.