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ShockAndOuch: Turkish Central BankInterventionNowFullyFaded As Lira CollapseReturns
Update: full meltdown mode now:
Yesterday, themomentwhentheTurkish Central Bankinterventionwas jinxed was clearly marked by SocGen’s fawning Benoit Anne, who said "In any case, I definitely feel much better about the TRY, at least on a tactical basis. Hence we just entered a long TRY/ZAR targeting a tactical move to 5.10. TheTRY crisis isover." To which we responded: "As for the "TRY crisis being over" let’s wait to see what the "popular" response is to this epic rate hike first thing tomorrow when Turkey awakes, shall we, and let’s revisit the TRY crisis in 2-3 weeks when the country’s housing market crumbles, when the economy grinds to a halt and the political crisis goes from worse to worse-est." We didn’t have to wait more than 12 hours. As of this moment, the entire Central Bank move has been faded.
And now, the TRY crisis is back. Thanks SocGen.
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