Political turmoil rattles Turkish lira carry trade
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Echoes of March crackdown that sparked market rout leave traders on alert
Fears of further political turmoil in Turkey have sparked nervous reactions from foreign investors who had piled back into the lira carry trade after suffering significant losses from similar events in March.
On September 2, a Turkish court ordered the removal of the main opposition party CHP’s Istanbul administration. The news led to an immediate slump in equity and government bond markets, while three-month implied forward yields – the interest rate embedded in a foreign exchange forward
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