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Turkey Bulls Bet a Rate Hike Will Make Lira Carry Hard to Resist
Tugce Ozsoy, Bloomberg News
A Turkish national flag hangs at the entrance to a street of closed retail stores and restaurants in the Besiktas district of Istanbul, Turkey, on Sunday, March 22, 2020. Turkey’s coronavirus deaths rose to 30 on Sunday as the number of infected patients climbed to 1,236. Photographer: Kerem Uzel/Bloomberg
, Bloomberg
(Bloomberg) Spiking U.S. Treasury yields just forced the Turkish lira into the sharpest retreat in emerging markets. With a pivotal interest-rate meeting approaching, lira bulls say that’s a reason for optimism.
The lira is down more than 8% since mid February and money managers like Paul Greer at Fidelity International are sitting tight for Central Bank Governor Naci Agbal to raise rates and stem the decline, boosting the appeal of one the highest-yielding currencies in the developing world. ....

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