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Turkish Lira Pares Losses as Central Bank Vows to Take Action

  • Central bank says its monetary stance will be ‘adjusted’
  • Inflation quickens more than economists forecast in August
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Turkey will get worse before it gets better, says Peter Kinsella, senior FX & rates strategist at CBA Europe.(Source: Bloomberg)
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The Turkish lira pared a slide after the central bank said it would take action to support price stability, fueling speculation policy makers will raise rates when they meet next week.

The lira rose briefly against the dollar following the central bank’s comments before slipping again. The monetary stance will be “adjusted” at its Sept. 13 meeting, the central bank said, after data that showed inflation surged more than expected in August.