Watching the TRY move today despite the rate hold

Interesting to see $USDTRY pushing 47.22 despite the CBRT holding rates steady. The market seems to be front-running potential future easing or just pricing in continued inflation. $ZARUSD still showing some strength around 0.0611, but the overall EM picture feels a bit more divided now. Keeping a close eye on the Turkish CPI next week for further clues on policy direction; not jumping in just yet, but the volatility is there.