FXPBs wary of Turkish lira risk, say hedge funds

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With the Turkish lira sinking to new lows against the US dollar every day, hedge funds report that their foreign exchange prime brokers (FXPBs) are wary of taking on risk as the currency continues to slide.

The US dollar/Turkish lira rate passed through 10 on November 15, up from around 7.5 at the start of the year. It was sitting at 10.59 on the afternoon of November 17.

Hedge funds have been cautious about piling into large short positions against the lira, with some looking for the right

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