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Traders Say TRY Depreciation is a Signal of Move in Favour of Free Markets

TURKEY
  • Traders say the Turkish lira's depreciation is a strong signal of a move away from state controls in favour of free market, Reuters report.
  • Traders say decline in Turkish central bank's reserves has stopped after signs of FX policy change - Reuters
  • Follows a significant quickening of the pace of TRY depreciation Wednesday morning. USD/TRY is up 7% at the time of typing while 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.

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