You can read a full commentary here on Reuters.com.
My initial reaction to the news is that it smells of panic and might even have an unwelcome effect once the market gets to thinking about it. We haven’t been seeing a massive pile-up of TRY shorts, it’s simply been over-aggressive EM investment strategies being forced to bail out all at once. Will a rate rise stop the panic bail-out? Probably not in my opinion.
I wouldn’t be buying risk-trades on the back of it, let’s put it that way.