UBS chief investment office stops coverage of U.S. dollar-Turkish lira pair

Economy 45 minutes ago (Dec 14, 2021 07:02AM ET)

© Reuters. FILE PHOTO: A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. REUTERS/Murad Sezer

(Reuters) - A wealth management arm of Switzerland's UBS Group confirmed on Tuesday it will discontinue research coverage of the U.S. dollar-Turkish lira currency pair in an effort to streamline its offerings.

Tilman Kolb of the UBS chief investment office team sent out a memo last Thursday announcing the cessation in coverage, adding that previous exchange rate forecasts and hedging advice should not be relied upon.

UBS is the largest wealth manager globally and its Global Wealth Management unit had invested assets of $3.2 trillion as of the third quarter 2021.

Turkey's lira has weakened nearly 50% against the dollar this year with pressure on the currency sharply accelerating since September, when the central bank kicked off an easing cycle that saw its benchmark slashed by 400 basis points despite quickening inflation.

Under pressure from Turkish President Tayyip Erdogan, the bank is expected to cut its policy rate by another 100 basis points to 14% on Thursday despite inflation soaring to 21.3%.[EMRG/FRX]

UBS chief investment office stops coverage of U.S. dollar-Turkish lira pair

Related Articles

Dollar near one-week high on expectation of hawkish Fed By Reuters - Dec 14, 2021

By Sujata Rao LONDON (Reuters) - The U.S. dollar stood just off a one-week high on Tuesday versus a basket of major currencies on expectations of a hawkish Federal Reserve meeting...

Turkish lira slides again after rollercoaster ride to record low By Reuters - Dec 14, 2021

By Nevzat Devranoglu and Daren Butler ANKARA (Reuters) - Turkey's lira slid as much as 4% on Tuesday in further volatile trade after tumbling to all-time lows a day earlier on...

Afghanistan central bank says it is acting to halt currency slide By Reuters - Dec 14, 2021

By James Mackenzie and Mohammad Yunus Yawaz KABUL (Reuters) -Afghanistan's central bank said on Tuesday it was working to ensure the stability of the afghani, a day after the...

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

December 15, 2021 at 12:02AM
Reuters
https://ift.tt/3oT9CPZ