The lira is making some strides in early European trading
And poof, there you go. More than 5% gains on the day as USD/TRY falls below 6.55 currently. It's broad movement across markets as equity futures are ticking higher alongside EM currencies.
The South African rand is also gaining on the day, up 2.3% against the dollar at the moment.
Looks like the relative calm is starting to spur better risk tones but that has yet to translate into a meaningful move in the major currency bloc. EUR/USD is a little higher at 1.1421 after having touched a high of 1.1428 moments ago. Meanwhile, USD/JPY has also moved higher to close back in on the 111.00 handle but the moves so far have been rather modest.
