The Turkish lira recovers ground after Friday's sell-off as fears of a possible US recession batter markets
Turkey's lira was in recovery mode on Monday after plunging as much as 5 percent in the previous session, on Friday, March 22.
Weak economic data from Europe triggered a worldwide sell-off on Friday which worsened after more disappointing numbers from US came in, fanning global growth fears. MSCI's index for emerging market shares fell 1.4 percent, on track to record its biggest one-day fall this year with indices falling across the board led by Asia.
"Conceptually it should be supportive if we now assign a slightly lower likelihood of sanctions ," said Guido Chamorro, portfolio manager at Pictet Asset Management.
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