The Turkish Lira’s travails dominated the airwaves and financial market price action elsewhere on Friday. TRY ended the New York day 16% lower, having been down 19% at worse, and has just restarted the week above 7.00 to the USD, some 12% lower. President Trump confirmed Friday he was doubling tariffs on imports of Turkish aluminium (to 20%) and steel (to 50%), adding to Turkey’s economic travails. Turkish PM Erdogan’s on Sunday has said that “interest rates are a tool of exploitation that makes the rich richer and the poor poorer – we won’t fall into this trap”. Note the Turkish central bank’s key policy rate is ... (full story)