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Fear of Turkey contagion drives safe haven Yen strength
The fear of contagion is gripping financial markets once more and traders are moving out of risk and into safer haven areas once more. Whether the economic turmoil that is gripping in Turkey can be contained is key, but for now as the Turkish Lira plummets in value, traders are getting increasingly concerns of what the fallout might be. Losing around 16% of value on Friday, the lira continues to haemorrhage this morning, with the USD/TRY rate hitting well above 7 (although as I write is around 6.90 again). However, going exponential in the past couple of sessions, the rate could be drastically different in a matter ... (full story)
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- jegas
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