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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