Hints and tips:
...to the performance of the lira....
...“I don’t know if [the new policy] is really a U-turn or if it’s a detour,” Demiralp says....
...National governments will now have to work out their U-space areas and requirements for operators....
...The Turkish lira has fallen to 20 to the dollar for the first time as polls predict victory for president Recep Tayyip Erdoğan in this weekend’s election run-off....
...a note to clients this week that it was “unambiguously unsustainable” for Turkey to maintain this approach, warning that the pressure on the currency was “likely to continue in the absence of a policy U-turn...
...Recep Tayyip Erdogan, Turkey’s all-powerful president, was last week forced into a U-turn that revealed both bad judgment and political vulnerability....
...The biggest story in markets, to my eye, remains the terrible collapse of the Turkish lira. President Erdogan, horrifically, reaffirmed his commitment to low rates this weekend....
...Turkish turnaround: The lira on Monday swung back from an all-time low after President Recep Tayyip Erdogan climbed down on his recent threat to expel 10 western ambassadors....
...Sure, the real devalued by almost 12 per cent over the past six months, but this is hardly a remarkable move for a free-floating emerging market currency (the Turkish lira is Exhibit A)....
...Yet the Turkish president has also shown an ability to compromise, even U-turn, if he judges it in his political interest....
...The offensive, which comes at a time when Turkey’s economy is recovering from last year’s painful currency crisis, also put fresh pressure on the lira....
...Spooked by last year’s market turmoil, the US central bank made a U-turn in January, and in March went as far as shelving plans to raise interest rates at all this year....
...This time, however, economists talk about a U-shaped or even an L-shaped scenario due to the debt burden on the banks....
...Turkey’s shocking U-turn has resulted in a loss of credibility and destruction of investor confidence. Turkish lira lending rates have increased sharply to above 35 per cent....
...US Treasury yields have been falling as investors fret over the outlook for the US economy following a U-turn by the Federal Reserve on Wednesday....
...The statement could mark a significant U-turn by the central bank, which has faced criticism that it was kowtowing to Recep Tayyip Erdogan, Turkey’s president....
...Measured in Turkish lira, for example, the oil price has doubled since March....
...The lira and Turkish bonds rallied at the announcement....
...The lira has been vulnerable, Turkish companies have obligations in other currencies, and so any poke at the country's growth becomes leverage. But Turkey is a real part of a real trade problem....
...The most important price in an economy is the exchange rate between the local currency and the world's reserve currency - the U.S. dollar....
...The lira has only barely stabilised after weakening as much as 24 per cent in a week, and foreign reserves are dwindling. There is no way around it. Turkey will need the IMF....
...The measures sent the Turkish lira plummeting to a new low of TL5.09 to the dollar on Thursday....
...This shocked financial markets and the lira plummeted and bond yields soared. while the president of the US has not taken the moral high ground: U.S....
...His abrupt U-turn has subsequently prompted accusations that he is running scared, both from his rivals and from concerns that the economy is overheating....
...The Turkish lira remains stronger after President Recep Tayyip Erdogan claimed victory in the country’s referendum on a new constitution that will hand him sweeping powers....
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