Turkey may have resolved its some of its internal political uncertainties but, without genuine economic reform, it will remain “fragile” for a while. After seven years of weakness in the currency it is difficult to be short the TRY, but it’s too soon to buy Turkey, for Thanksgiving or otherwise.
- Erdogan’s AKP won an unexpected majority in this month’s election
- The Turkish Lira (TRY) has fallen by 60% against the USD since 2008
- Turkish stocks look inexpensive by several measures
- Economic reform appears unlikely