IN CASE YOU WERE WONDERING......

Intervention by the Turkish central bank lead to emerging markets currency rally

Big moves higher for all emerging market currencies. * USDZAR falling on the back of the move from Turkish central bank. * The lending rate raised to +425bp to 12% against a 225bp raise expected. * The repo rate and borrowing rate were expected as unchanged and raised 550bp and 450bp. * The liquidity rate was raised to 15% from 10.25%