Turkish Finance Minister will provide details of economic measures at 11:00GMT/06:00EST today.
Details remain light, but we are told banks "will commence the implementation of transactions of new instruments on Tuesday"
As a reminder, yesterday saw Turkish President Erdogan state Turkey is implementing measures in free-market economy rules to ease volatility in the forex rate. He also stressed citizens will not have to convert Lira savings into FX due to the volatility, and will encourage Lira savings.
We also, heard from the Turkish Bank Association Head, who said around $1bln USD were sold in markets after President Erdogan announced these new measures.
More details HERE
What are we likely to hear at 11:00GMT you ask? That's anyone guess, but you can be sure it will move the Lira.
I stated this morning that the trade in Lira was to fade the move, in small size. That was when TRY/USD was trading 12.27, we're now trading 13.54 and I'm happy to stay long (in small size)
