And that is setting the tone across asset classes thus far
After the fall since Friday, the lira is beginning the new day with relative calm as it only trades 0.3% lower against the dollar at the moment. In yesterday's trading, it was all about the lira and fears of contagion.
But if there's one theme markets have been quick to blend into, it's that things are easily forgotten. We've seen it with Trump, we've seen it with trade, we've seen it with pretty much everything else.
It's still too early in the day to say that markets are going to start diverting their attention away from Turkey, so let's see what European trading will serve up when they step up to the plate later.
As the lira enters a period of calmness, we're seeing the Nikkei moving higher by 1.9% alongside a positive day regional equities. The only major red spot is Chinese stocks where the Hang Seng is down 0.9% and the Shanghai Composite 0.5% at the break.
As or currencies, the kiwi is leading the charge on the day followed by the aussie and loonie. Even though tight ranges are still being observed, the laggards are the swissie and yen. That highlights a bit of a turnaround in the risk sentiment that we saw yesterday.
