TRYMAGGEDDON: Turkish Markets Plunge After Central Banker Tries To Prop Up The Currency

The worst-performing currency today is the Indian rupee.

The second-worst is the Turkish lira (the U.S. dollar is up more than 2% against it today).

Meanwhile, the Turkish stock market is down 4.7% today, and the yield on dollar-denominated 10-year Turkish government bonds is up 19 basis points.

In a press conference this morning, Turkish central bank governor Erdem Başçı told reporters that the central bank was going on the offensive against recent lira depreciation and yield increases with surprise maneuvers.

“Believe in me and win,” said Başçı.

The press conference clearly had the opposite effect of what Başçı likely intended.

The following charts show the performance of the lira, the Turkish stock market, and the yield on 10-year Turkish government bonds year-to-date.

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