The convulsion in Turkish politics has ended a period of calm for the lira. While hawkish comments from Federal Reserve officials are undermining the outlook for the currency, a power struggle involving President Recep Tayyip Erdogan is threatening to rekindle the political turmoil that spurred an investor exodus last year. Traders boosted their bets for lira volatility by 67 percent this week, toward the biggest jump since May 2006.
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