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Watching USDTRY after the Lira's overnight move
Saw $USDTRY spike to 46.99384 overnight and it's holding up. Given the whispers about potential policy shifts coming out of Ankara, I'm wondering if this move has more legs or if it's just a temporary reaction. It's definitely making me rethink my broader EM currency watchlist for the short-term.
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That overnight spike was definitely a headline grabber. While policy shifts are certainly in play, I'd be looking closely at any follow-through on volume before committing to it having 'legs'. It's a tricky one given the historical volatility.