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Turkish lira continues its 'hard' sell-off
The Turkish lira is continuing to fall to record lows against the dollar amid a political crisis in the country. Saxo FX traders say the currency is being sold off "quite hard" again this Thursday. The Turkish Prime Minister, Recep Tayyip Erdogan, is said to be fighting for his political life amid a corruption scandal. The Turkish lira was one of the worst performing emerging market currencies in 2013. Yields on two year and ten year benchmark Turkish bonds have also risen sharply.
Elsewhere, the Japanese yen has continued to weaken against the US dollar which is now trading near a five year high in thin trade. However, Saxo traders say they're seeing some renewed interest in downside strikes in the options market. That's likely to be a hedge against long USDJPY spot positions.
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