UH-OH: That Huge Turkish Lira Move Is Rapidly Melting Away

Watch out folks. Thins are getting interesting.

Yesterday evening, the Turkish Lira SOARED after a massive rate hike by Turkey's central bank.

The move helped created a bout of risk on sentiment across the market.

But look what's happening now. The Turkish Lira - inspire of the huge rate hike - is rapidly melting against, giving up all those gains.

Here's a 12 hour chart of the US dollar against the Turkish Lira. As you can see, the dollar tanked right away yesterday evening against the Lira. But now it's climbing back as traders fade the Lira strength.

Keep an eye on this.