Turkish central bank sparks turnaround

|By:, SA News Editor

The Turkish lira has undergone an extraordinary bounce after the country's central bank set an emergency meeting for tomorrow aimed at new policy measures to ensure price stability (i.e., a big rate hike).

At this point, a failure to raise rates in a big way is likely to really trigger a selloff, say some analysts. "They have to hike ... and aggressively," says Standard Bank's Tim Ash.

TUR +3.9% premarket, and Europe edges into the green for the session.