After hitting fresh lows this morning, news that the Central Bank of the Republic of Turkey is to hold a flash meeting on 28 January is giving the embattled currency some hope.
USDTRY completely turns around as Turkish Central Bank announces extraordinary meeting to be held tomorrow. pic.twitter.com/mYRhwDunvW— Jonathan Ferro (@FerroTV) January 27, 2014
Last week the central bank elected to hold rates, while under intense political pressure not to change course.
This morning saw lira hit fresh record lows, falling for 11 straight days.
Believe it or not but I still think the CBRT is responding. Funnily, a mere announcement of a meeting did more than a 3.5bn intervention...— barnejek (@barnejek) January 27, 2014