Turkish lira implosion in four charts
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TRY down c10% on the day after falling c15% in midday trading, taking the decline to c41% ytd, c24% mtd and c11.5% wtd
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The collapse was triggered by comments from President Erdogan defending pursuit of low rates; seems like overreaction
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TRY starting to look oversold, but we retain Sell recommendation on the lira and local debt and wait for dust to settle
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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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