FX traders were stunned - and TRY longs painfully crushed and stopped out - after the Turkish central bank unexpectedly kept the one-week repo rate unchanged at 17.75% (the overnight lending and borrowing rates were also left unchanged at 19.25% and 16.25% respectively), slamming consensus expectations of a 100bps increase which was already priced in. The outcome can only be described as chaos (as many have)... ... and as a result of the shocking decision, the Turkish Lira is in free fall mode, plunging as much as 3.4% with the USDTRY exploding from 4.75 to 4.91 in the blink of an eye. The CBRT press release ... (full story)