With chatter that over $3 billion has been thrown into the FX market to buy Turkish Lira, it appears the central bank is losing control quickly and Turkish stocks are tumbling. The Turkish Lira collapse almost 400
pips this morning to around 2.30 to the USD - an all-time record low as
the combination of corruption, social unrest, and Fed taper are seeing
hot money outflows faster than the Turkish Central bank can keep
control. This is the biggest tumble in the Lira in almost 5 months as the Istanbul 100 (stocks) drops 2.9% - its biggest drop in a month; and Turkish bond yields are backing up to 2-year highs.
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