The Turkish lira has jumped against the dollar following "shock and awe" rate hikes by the Central Bank of Turkey late yesterday (CBRT), which have also sent many global equities indexes higher along with some other emerging-market currencies. The CBRT increased its overnight lending rate to 12% from 7.75% and the overnight borrowing rate to 8% from 3.5% in an attempt to defend the lira, which has been hit by domestic scandal and the prospect of Fed tapering. The USD-TRY was -1.4% at the time of writing, but the ISE 100 was -1% after being in the green earlier.
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