A close today under 2.09, and the Turkish Lira (TRY, quote) will have seen 10 straight days of rallying against the USD, one of the longest streaks in years.
This move comes as inflation data has picked up a little in the last two readings and current has stalled a bit.
What does this tell us?
EU volatility has faded back to compressed levels. Don’t be complacent. Own Germany ETF (EWG, quote) puts or other plays on EU equities while you bet on the Turkish Lira testing back to 2.00.
The Turkey ETF (TUR, qoute) is +35% from the February 3rd lows. Long Turkey has been a strategy call for us since Feb.
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