Turkish lira tumbles on Monday

After a week of a relative calm, Monday sees a return of volatility on the Turkish lira as Turkey is back from a week-long holidays. With the US-Turkey spat unresolved and pastor Brunson still under arrest investors have not found reasons to return to the lira. Financial struggles could jeopardize economic outlook as the JP Morgan lowered growth forecasts for Turkey from 2.8% to just 1.1% in 2019. Both USDTRY and EURTRY surge by more than 4% today and the lira is by far the weakest currency on the market.