Morgan Stanley sold USDTRY at the NY...>

TURKISH LIRA: Morgan Stanley sold USDTRY at the NY close with a stop at 4.65 and

a target of 4.35.

- MS note that "we add risk back in TRY as we believe a combination of the

recent 300bp rate hike, simplification and the re-introduction of the

rediscounted loan should help to stabilize the lira, which has depreciated on

the back of market concerns around the independence of monetary policy and

loosening fiscal policy. We believe the CBT is likely to keep its tight monetary

policy into the election which in combination with an improving external

environment (lower UST and stable USD), should help TRY to further recover

recent losses."