Posted inChina, Middle East, Russia, South Asia, Turkey, World

What contagion?

Turkey’s lira lost 15% of its value against the US dollar in a one-day dive, as of 10:00 am Eastern Standard Time. The usual suspects among the carry currencies (Mexican peso, South African rand, Brazilian real and Russian ruble) fell. Outside of the carry-trade universe, calm prevailed. The market’s estimation of currency risk, the normalized […]

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