Perversely, both protagonists win: speculators make money, while the local authorities get to crow about how they've given speculators a bloody nose. The only loser is the local economy.
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Seeing TRY forwards surging, a general comment about the old-school currency speculation playbook: when you go hard on a vulnerable ccy, you accumulate first in the forwards, only then in spot. When authorities crank up the forwards to extinguish speculation, you make bank. 1/2
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