Turkey and the Pastor
The TRY has room to move from 6 to 5 on this headline. The problem is that whipping inflation now has nothing to do with a political deal with the US. Hope is that sanctions follow and that economics improve. The pain of the devaluation in TRY and the reckless policy from the government leaves little doubt that a recession is coming. But this is a market full of hope and the turn in the USD matters today against Europe. Risk reward at 5.50 for 7 or 4.7 seems even.