Financial markets are rather calm on Wednesday morning with no major price spikes. However, there is one exception - Turkish lira. TRY took a massive hit this morning and is now trading over 4% lower against USD and EUR. While TRY is a volatile asset compared to other currencies, an over-4% move is huge even for TRY standards. Move is puzzling as it is not accompanied by any kind of news from Turkey that could justify such a slump. Nevertheless, as the currency is slumping hard against all G10 currencies, it is obvious that move is driven by TRY-side. TRY traders should keep on guard in the day ahead and look whether TRY-related news that could justify the move will surface. Both EURTRY and USDTRY reached fresh local highs this morning.
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