Long USD/TRY : Turkey Lira Weakening
The Lira is nearing its all-time wides relative to the dollar. The Fed’s foreign CB repos and swap lines can tame the USD a bit, but they can’t save the weakest EMs like Turkey and South Africa. Some of Turkey’s largest exports are cars, trucks, and vehicle parts (the 3 are roughly 14% of exports). COVID transportation pain not going anywhere... TRY is. (weaker).
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