USDTRY has recently been extremely correlated with global risk appetite, as the following picture, from a recent RBS report shows:
This high correlation explains why the lira is getting the best of the global rally. But the downside is that when things get bumpier, the lira is likely to suffer more than other EM currencies:
This high correlation explains why the lira is getting the best of the global rally. But the downside is that when things get bumpier, the lira is likely to suffer more than other EM currencies:
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