Lira getting Stronger - Why?

[yabanci]

The lira has finished the week well; up 0.7% against $ and over 1% against € and £. Looks like Simsek's assurances that the Government will back any further actions the CB deems necessary have quietened things down.

Also started the week well. 4.56 to the Dollar and 6.08 to the Pound. Simsek's calming influence.

http://www.hurriyetdailynews.com/turkish-lira-firms-as-deputy-pm-simsek-central-bank-chief-meet-investors-132460

[JohnF]

Under 6.00 to the quid by early/middle next week. Mibbe  

JF

[JohnF]

Didn't take that long.

5.97 this morning   and that's despite Moody's cutting their growth forecast for Turkey.

Looks a little bit like he is leaving Şimşek and Çetinkaya (TCB governor) to get on with the job.  Only possible bump in the road ahead is the election, and from the lira's perspective a resounding victory for AKP will likely further strengthen it.  However, a hung parliament may send it off again.  Who really knows  

JF

[Colwyn]

Lira up 1.5% against £,$ and € this morning. For those playing Scunner's little game he has craftily made the target date on the middle Sunday between Round One and Round Two (if there is a second round).

[JohnF]

Well, my 5.45 is looking good right now  

JF

[KKOB]

EUROPEAN banks fear the dramatic crash of the Turkish lira could spark a crisis reminiscent of the one that hit Wall Street financial institutions 20 years ago.

https://www.express.co.uk/news/world/967131/europe-banks-crisis-turkey-lira-crashing-us-dollar-recep-tayyip-erdoga

[Phil]

It all sounds a bit Greek..........

[Colwyn]

He didn't say whether Greece was involved but Foreign Minister Çavuşoğlu has stated it was an organized campaign masterminded abroad but he was not yet ready to name names.

“When it is time, we will announce [the details]. See how the credit rating agencies decrease their ratings?” the foreign minister asked, referring to Moody’s recent decision that slashed forecasts for Turkey’s economic growth, citing deepening market pressure and growing risks. They began working on how they could demolish Turkey through its economy after the July 15 coup attempt failed. We have managed to repel these attacks with minimum damage by taking precautions,” Çavuşoğlu said.“Some countries are in this scheme, as well as financial institutions and the interest rate lobby. These include some Muslim countries, too. I will not name names here, I am only drawing the framework.”

http://www.hurriyetdailynews.com/turkish-fm-accuses-some-muslim-countries-for-trying-to-demolish-economy-132594

[Colwyn]

I don't know whether it has anything to do with the Foreign Minister's intervention but the £ is back over 6 and the $ over 4.5. Şimşek must be busy devising exquisite tortures for Çavuşoğlu. We could have a UK versus  Turkey contest as to which has the barmiest FM.

[Colwyn]

Lira down 2% so far today.