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TRY: State Lenders Sell $500m to Protect Lira

TRY
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  • State lenders sold more than $500m to defend the lira at a level around 34.3550 per dollar, Bloomberg report citing traders. On the back of that support, hedge funds joined in, the traders said.
  • Indeed, the lira is the only major emerging market currency to have recorded gains versus the dollar today, with the rest of the EM basket under heavy pressure as markets digest the implications of the outcome of the US election.
  • Local focus this week shifts to the presentation of the CBRT’s latest inflation report on Friday. Officials are currently targeting headline inflation at 38% the end of the year, though this is seen as an optimistic scenario by markets, with sell-side estimates for year-end inflation closer to the mid-40s.
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  • State lenders sold more than $500m to defend the lira at a level around 34.3550 per dollar, Bloomberg report citing traders. On the back of that support, hedge funds joined in, the traders said.
  • Indeed, the lira is the only major emerging market currency to have recorded gains versus the dollar today, with the rest of the EM basket under heavy pressure as markets digest the implications of the outcome of the US election.
  • Local focus this week shifts to the presentation of the CBRT’s latest inflation report on Friday. Officials are currently targeting headline inflation at 38% the end of the year, though this is seen as an optimistic scenario by markets, with sell-side estimates for year-end inflation closer to the mid-40s.