Bloomberg News

Buy Lira Versus Basket of Euro, Dollar, Credit Suisse Says

September 14, 2011

Sept. 14 (Bloomberg) -- Investors should buy the lira for an equally-weighted basket of the dollar and euro as concern about the current account deficit is easing, Credit Suisse Group AG said.

Credit Suisse set a target of 2 liras against the basket with a “stop-loss” of 2.17, according to an e-mailed report today.

“A large part of the underperformance of the lira this year has been due to investor skepticism about the central bank’s policy mix,” Credit Suisse said in a report dated yesterday. “With signs now appearing that the demand side of the economy is rebalancing, we think that the lira will strengthen from here.”

The lira fell 0.3 percent to 2.0977 against the basket at 10:33 a.m. in Istanbul.

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net

To contact the editor responsible for this story: Benjamin Harvey at bharvey11@bloomberg.net


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