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Stock impact report

Turkey heads toward a currency crisis as lira goes into freefall [Business News Network (BNN) Energy & Resources (Canada)]

Toronto Dominion Bank (The) (TD) 
Last toronto dominion bank (the) earnings: 2/27 06:30 am Check Earnings Report
Turkey heads toward a currency crisis as lira goes into freefall Turkey is entering the grips of a full-blown currency crisis. The lira was already on course for its worst month since 2008 when it plunged to a new record Wednesday, a sign that the central bank’s apparent refusal to step in is giving traders free rein to bet against it. It sank as much as 5.2 per cent. Policy makers “must hike now,” said Cristian Maggio, the head of emerging-market strategy at TD Securities in London. “There’s no limit to how far this could go because this is becoming a currency crisis.” Eventually, Turks will start selling too, and then there will be “total loss of confidence,” he said. The lira has fallen on every day but three this month, a selloff that has accelerated since President Recep Tayyip Erdogan, who has long called for interest rate cuts to fuel growth, said this month he intends to take more responsibility for monetary policy if he wins the June 24 election. Traders are also punishing th Show less Read more
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