Turkish Contagion, Gold And The US Dollar
KingWorldNews.com
August 10, 2018
There is some very rowdy trading taking place in the currency markets and gold on the heels of the continued plunge in the Turkish lira.
Contagion?
August 10 (King World News) – Here is a portion of what Peter Boockvar wrote today as the world awaits the next round of monetary madness: I admit, I didn’t fully think thru the potential broader implications of the economic and financial mess that is Turkey. I initially believed it was of their own political making and now exaggerated by the liquidity drain that is going on via higher US rates, QT and the reduction in QE from the ECB and BoJ as accidents are more prone to happen when central banks tighten (less QE is a form of tightening I believe). The Turkish lira is down 7.5% today after plunging by 5% yesterday. Their 10 yr yield is up 110 bps today to 20.8%.
The Rest…HERE
