EFTA Document EFTA01386018

locals remaining heavily dollarized. EMFX sentiment holistically does not feel good and TRY feels like a weak link with ingrained bearishness not fully expressed via positioning. US-Turkey relations do feel like they are bouncing somewhat off the lows with Pompeo not a massive shift from Tillerson... he is not a new face having been in Istanbul as recently as early Feb. Kubilay has been doing a great job of tracking this selloff... two things to watch / consider as this trade develops. Gold