Skip to content
Subscriber Only

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
Video player cover image
UBS's Geoffrey Dennis Says Turkey Is in a Bit of a 'Perfect Storm'
Updated on

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.