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Economics

Ruble Gets Haven Boost as Lira Takes Role as Bad Boy of FX

  • Russian currency generates sole EM carry trade return in May
  • Investors at Goldman, Aberdeen turn bullish on the ruble
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UBS's Geoffrey Dennis Says Turkey Is in a Bit of a 'Perfect Storm'
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Russia has Turkish President Recep Tayyip Erdogan to thank for making its currency look attractive again.

One month after U.S. sanctions sent the ruble into a tailspin, the currency is now sitting on the only carry trade return in emerging markets for May. While rising oil prices have played a major role, so has the fact that rising political risks in emerging markets like Turkey are making Russia look good by comparison.