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Playlist: USDTRY

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11:38
Morning Call: Argentine, Turkish currencies sink
#SaxoStrats
30 August 2018 at 8:33 GMT
11:29
Morning Call: EMs fail to hold their gains
#SaxoStrats
29 August 2018 at 8:27 GMT
2:42
The week ahead in macro — #SaxoStrats
Kay Van-Petersen
09 July 2018 at 9:43 GMT
1:32
Why I am negative on the Turkish lira: Jakobsen
Steen Jakobsen
12 May 2016 at 12:19 GMT
1:42
Collins: My best and worst FX trades in 2015
AlanCollins
29 December 2015 at 10:31 GMT
1:33
The 'extreme volatility' in Turkish lira
Lea Jakobiak
27 January 2014 at 14:58 GMT
Video / 27 January 2014 at 14:58 GMT

The 'extreme volatility' in Turkish lira

Lea Jakobiak

Saxo's Global Head of FX Spot Nana Dahlerup is seeing "extreme" volatility in the Turkish lira (TRY); it hit another record low versus the US dollar, with USDTRY reaching the 2.39 level. As a result of the lira's sharp fall, the Turkish central bank will meet in emergency session later on Monday evening. 

 The bank said it would "discuss recent developments and take the necessary policy measures for price stability" at the meeting. Nana explains the markets think it will either "aggressively hike rates above 11 percent", or that it will introduce capital controls. Last week, the central bank decided to hold rates steady at its rate-setting meeting.

Meanwhile, trader Dan Larsen explains that things are "more calm" for the dollar yen spot market and adds that even though volumes are lower he says interest remains in downward strikes.

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