Turkey responds, sellers are listening
Call it profit-taking or what have you, but USD/TRY is running into sellers right now after the CBRT issued a statement on money market intervention. The pair is now down to 6.60 levels as I type this, falling from around 6.75 prior to the statement release.
The response has been a mild one to say the least but traders are rightfully worried that further action may come.
Update: And here it is. They are cutting the lira required reserves across all maturities.
