JPMorgan backs Turkey's lira as key 2024 bet
LONDON, Nov 22 (Reuters) -Investment bank JPMorgan on Tuesday backed a bounce in Turkey's lira as one of its key emerging market bets for 2024.
The value of Turkey's currency has plummeted in recent years, but a screeching 180-degree change of policy direction following President Tayyip Erdogan's reelection win this year has seen interest rates hiked significantly, creating more optimism.
"The first theme (of 2024) is recovery trades," JPMorgan said highlighting Turkey alongside Poland, South Africa and Israel.
"We add short 6-month USDTRY forward to our existing overweight on TRY," it added, referring to a bet for Turkey's lira to rise against the dollar.
Reporting by Marc Jones, editing by Libby George
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