Turkish lira collapse stoked by another rate cut
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CBRT cut by another 100bps as expected, sending real rate further into negative territory (-7.3%)
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Lira down another 5%+ today, bringing total drop to 12% on the week, 38% since October, and 52% ytd
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Lira increasingly disconnected from fundamentals, but could still continue to drop; retain Sell
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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