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CBRT cuts rates despite soaring inflation, weak Lira
After last weeks surprise rate cut by the CBRT, USD/TRY moved to its highest level since December 20th, 2021.
EM FX: Turmoil in emerging currencies pose big risk to markets
It is worth watching EM currencies closely here as there is a risk we could see further, sharp, selling, which, in turn, could provide a fresh source of threat to the global financial markets.
Lira slumps further as crude oil nears $122
Lira slumps further as crude oil nears $122
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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.
The ‘Central Bank of Erdogan’ Sharpens its Rate-Cut Knife
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.
USD/TRY explodes through 10. Will it reach 11?
Could this move above 10 just be a “buy the rumor, sell the fact” heading into the central bank meeting?
Turkey’s inflation data may embolden Erdogan
The inflation print beat expectations of 20.4% YoY, possibly because of the 200bps rate cut on October 21st!
Asian Open: Powell Says its Time to Taper, but Not Raise Rates
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.
Asian Open: Central Bank of Erdogan (CBOE) pulls no punches
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.
European Open: Sentiment Sours Ahead of the Open, Turkish Rate Decision Up Next
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.
European Open: Sentiment Sours Ahead of the Open, Turkish Rate Decision Up Next
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.
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...
USD/TRY at all-time highs
If Turkey continues to threaten retaliation against the Kurdish YPG militants or if there is a continued threat that the CBRT will cut rates once again, USD/TRY may continue to put in all-time new highs
USD/TRY: Turkish lira drops as CBRT removes pledge to tighten policy
The Turkish lira has just dropped +1% on the back of the latest announcement by the Turkish Central Bank.
USD/TRY: One to watch
The Turkish lira hit a new 2019 low earlier today, causing the USD/TRY to break above its recent highs...
Markets recap: Lira, EM currencies calmer; UK wages disappoint and EZ GDP beats
The markets were a little calmer in the first half of today’s session as the Turkish lira finally stopped falling, while the pound staged a short-lived bounce in the aftermath of mixed-bag UK data.
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Week ahead: EM currency crisis and key UK data
Another week has flown by and what a disastrous one it has been for the likes of the Turkish lira and to a lesser degree the British pound, but once again it has been a good for the US dollar.
TRY as It Might, Turkey Can’t Stop Its Currency from Melting Down
The economic situation in Turkey has been a powder keg for months, and it’s finally found a spark.
EM Rundown: Could USDTRY bulls quit cold turkey?
Central banks will be traders’ central focus in the G10 this week, with monetary policy “decisions” out of the Federal Reserve, Reserve Bank of New Zealand and Bank of Japan, but there will also be some potentially important central bank meetings in the emerging world as well. While not too many readers are trading the currencies of Hungary, Nigeria, Ukraine or Israel (each of which features a central bank meeting this week), there will be central bank updates from more widely-followed nations like Russia, South Africa, and Turkey.