Bloomberg News

Buy Lira, Brown Brothers Harriman Says on Current-Account Gap

February 13, 2013

More positive news on Turkish external accounts strengthens “our favourable view” toward lira; recent backup is “buying opportunity,” Ilan Solot, London-based strategist at Brown Brothers Harriman, says by e- mail today. * “Other weak spot, high inflation, has also improved,” Solot says * “Only thing missing now is growth,” Solot says and adds c.bank will “retain its easing bias well into 2013” * Break below 1.7600/$ and then recent low near 1.7450/$ is needed to target 2012-low of close 1.7360/$ * Lira gains 0.3% to 1.7673 per dollar at 1:22pm in Istanbul, set for highest since Feb. 5. * NOTE: Dec. current-account deficit at $4.66b, according to c.bank data published on website today, beats $5.4b median est. of 13 economists in Bloomberg survey

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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