❗ TRY tries to recover from massive plunge

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Turkish lira dropped as much as 16% against the US dollar at the launch of a new week. USDTRY reached an overnight high at 8.41, not far off the recent all-time highs. Lira plunged after Turkish President Ergodan fired CBRT Governor Naci Agbala. Decision is said to be linked to the 200 basis point rate hike last Thursday. CBRT tried to combat inflation as well as halt capital outflows Turkey has faced amid pandemic. Erdogan is known for pressing for low interest rates. Turkish finance minister said that Turkey will remain in a floating rate regime. However, continued weakness of TRY is likely to be driven by high political uncertainty as well as small FX reserves, what makes interventions harder.

Turkish lira plunged at the launch of new week's trading. However, as the European session approached, the currency has been recovering and trades just 4% lower against USD now. As one can see on the chart above, other EM currencies outperformed lira recently. Source: xStation5

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