Traders Delight ... in Turkish Turmoil ...
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The Saturday EconomistThe fundamentals for the Turkish economy are pretty weak. Strong growth has been secured at the expense of high inflation, a balance of payments deficit and high external dollar borrowing. With interest rates, already well into double figures, markets were calling for short interest rates to rise into the mid twenties to combat inflation and stabilize the currency.
The Trump tariffs were the trigger for collapse in the Lira. The currency fell by 20% against the Dollar last week. Contagion fears pushed markets lower in Europe and the UK. Stocks fell in China, Hong Kong and Japan as fears of trade wars increased. Check out the update here ... |
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