Where Next for EM Currencies and the Lira?
Turkey’s currency rose and its bonds, among the highest-yielding in emerging markets, extended their advance after the central bank cut a key interest rate for a seventh straight month amid demand for risky assets. The lira climbed 0.5 percent as of 5:09 p.m. in Istanbul and the yield on 10-year government lira bonds fell 31 basis points, the most among 27 emerging markets tracked by Bloomberg. President Recep Tayyip told Bloomberg in an interview the central bank did the right thing by cutting interest rates this week and it should continue to do so. Bank of New York Mellon Chief Currency Strategist Simon Derrick discusses with Bloomberg's Francine Lacqua on "The Pulse."