Lira Gains on Hopes U.S. Pastor Held in Turkey Will Be Released
- Turkish currency leads exchange-rate gains in emerging markets
- Nomura recommends going long lira using put-spread strategy
This article is for subscribers only.
Turkey’s lira gained the most among emerging markets amid speculation a detained American pastor could be released next month, ending a dispute between the NATO allies that has wreaked havoc on the currency.
A local court could free Andrew Brunson, currently under house arrest in the coastal town of Izmir, when he appears for a hearing on Oct. 12, the Wall Street Journal reported, citing Turkish officials it did not name. The lira also rose on speculation some short positions in the currency got squeezed out.