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Turkey breaks last week lows and now trading back to July
By: Emerging Money
Turkey ( TUR , quote ) breaks last week lows and now trading back to July of 2012 levels. An Amazing Fall from grace for a market that was +14% YTD in USD terms as of May 8th and now has fallen 28% since then.
This morning the central bank was in the market defending the currency, while Turkish banks are taking it on the chin.
Earlier in the teeth if the Turkish protests we indicated 57.50 was your first place to being to buy the Turkey ETF.
The market is now 4% through that level. 52.40 is the next key level of support.