Turkish Lira Higher On Central Bank Meeting, other EM currencies remain under pressure

The Turkish lira rebounded on Monday after the central bank called an emergency meeting, but Brazil’s real slumped to a five-month low on fears the selloff in emerging markets could spread, potentially derailing the global economic recovery.

Foreign exchange and equity markets in developing economies suffered a third straight session of bulk selling, although some key currencies, such as the Mexican peso, partly recovered.

After a stormy week during which Argentina’s peso posted its biggest one-day loss in 12 years, sparking worries of contagion across emerging markets, investors monitored developments in Argentina and other fragile developing economies, such as Turkey.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu