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Emerging Markets Stabilize, US Dollar Eases a Little
Two developments have helped turned sentiment, or at least arrested the markets' momentum. First, the developments in Turkey, where officials have taken a few measures that will make it somewhat more difficult to access the lira. This may have an unintended consequence of also making it more difficult for foreign investors to buy Turkey's bonds at auctions, for example, not that this is an imminent challenge. It is also true that the dramatic depreciation of the lira and the likely compression of domestic demand will see the country's external funding needs decline. Reports indicate that Qatar would also invest $15 ... (full story)