Scores On The Doors

Another leg lower in the Turkish lira overnight, dragging down with it a whole bunch of other EM currencies. Measures announced by the Central Bank stopped the rot briefly, and USD/TRY now sits in the middle of a delightful 6.40-7.20 range. For comparison, in January the entire month's range was only 3.76-3.95: we have done four times that in less than 24 hours.

The scores on the doors show:

  • Last week was the worst for the Turkish Lira since 23rd February 2001 - which itself came only after the central bank . . .

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