Lira keeps battling back
Qatar pledged $15 billion in direct investment into Turkey in a confidence-raising measure that also plays on the delicate balance of power in the region.
Turkey has stood with Qatar amid the spat/blockade with Saudi Arabia and it now looks like that move is paying off. They have a strange military-political alliance but almost no trade.
Separately, Bloomberg is out with an interesting article about stealth tightening in Turkey.
The central bank "hasn't offered commercial lenders one-week repo funding since Monday, forcing them to borrow from its more expensive overnight rate. That's driven average funding costs 16 basis points above the benchmark."
