Morgan Stanley Thinks the Turkish Lira Is Headed for Record Lows
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Buying the Turkish lira may have been an easy punt after Sunday’s election, but it may be better to sell a rally in the currency.
The lira jumped more than 3 percent early on Monday as investors cheered an end to the political uncertainty hanging over markets. But with all headwinds that the economy faces still in place and uncertainty over plans to tackle them, the currency has reversed its gains and Morgan Stanley thinks it will be soon be hitting fresh record lows.