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Signal of Easing Bank Interventions as TRY Plunges to Fresh Low

TURKEY
  • The pace of TRY depreciation has quickened Wednesday morning, potentially signalling that policymakers are scaling back interventions to prop up the currency. The lira has fallen 6.9% this morning, breaking through both the 22.00 and 23.00 handles. Notably, EUR/TRY is 7.1% higher and trades above the 24.00 handle for the first time. 1W implied USD/TRY volatility has increased from around 35% at yesterday’s close to nearly 50% today. The O/N forward implied yield has also spiked around 100 points to 140 - providing further evidence of notable offshore interest in shorting the currency.
  • President Erdogan’s appointment Mehmet Simsek as his new treasury and finance minister has hinted of a return to more orthodox monetary policy and raised the prospect of reduced intervention in markets.
  • Elsewhere, the Parliamentary General Assembly will convene to elect the 30th parliament speaker ahead of the first meeting next week.
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