Traders Betting on Turkey Rate Hike Find Solace in These Charts [Bloomberg Business News]
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Source: Bloomberg Business News
By Constantine Courcoulas Betting on rate hikes in Turkey is rarely easy given President Recep Tayyip Erdogan’s long-held distaste of higher borrowing costs. But traders positioning for such a prospect ahead of next week’s central bank decision can draw support from some of the most recent economic data. Turkish assets surged after this week’s announcement to hold snap elections fueled speculation that policy makers may raise borrowing costs on April 25 to backstop the lira. The currency has rallied more than 3 percent from its record low of 4.1934 per dollar earlier this month. While the monetary authority’s track record means there are still hold outs among investors, below are two charts based on the latest central bank data that may back Turkish bulls. 1. Inflation expectations continue to increase: The lira’s slide earlier this month pushed expectations for inflation over the next 12 months to their highest since 2004, abov
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