The Lira’s Resilience to Rising Oil Prices Is Baffling Analysts
- Typically volatile lira is down just 0.2% amid low liquidity
- Investors are hesitant to short the currency after March drama
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Analysts are having a hard time explaining the lira’s resilience to rising oil prices.
The worst-performing currency in emerging markets this month fell just 0.2 percent as of 3:02 p.m. in London even as Brent crude nears $75 a barrel. The U.S. decision to end oil waivers granted to Iran’s customers is a setback for Turkey, a neighbor that’s more reliant on Iranian oil than any other country.