Daily Market Comment – Oil laughs at strategic reserves release
- Marios Hadjikyriacos
- Oil jumps after US releases reserves, signaling it’s not enough
- Dollar relatively stable ahead of US data and Fed minutes
- Stocks mixed, RBNZ disappoints, Turkish lira implodes
The Turkish lira has been blown to smithereens, losing 12% of its value against the dollar yesterday to bring its total losses for this month to a shocking 30%. FX reserves are already depleted and the nation's president, who essentially runs the central bank, refuses to raise rates to fight runaway inflation. At this point, it might take a leadership change or capital controls to stop the lira’s avalanche.
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