USD/TRY back above 6.00
The pair is currently up to a high of 6.08 again. It's slowly turning back into the "blink and you miss it" mode. 6.12 now.
It's back to almost 10% lower against the dollar now. Erdogan isn't proposing any valid solutions to the situation. Merely hoping for the people to exchange their foreign currency into the lira is not an answer.
No word on central bank intervention or capital controls = there is more room to run in the lira's rout. And it's easy to see why the market is responding in such fashion right now.
He's now saying those who get excited over interest rates and FX prices "will not win". I'm really not sure what he's getting at but it's clearly not going to help the lira.
