The Turkish lira is one of the weakest currencies on Monday as the USDTRY cruises past 6.00 barrier for the first time since October 2018! On top of heightened risk aversion caused by renewed trade concerns lira is under pressure from local political factors. Foreign investors are concerned that local elections in Istanbul could repeated as president Erdogan called them a fraud. Finally, Turkey has used foreign reserves to contain lira depreciation but it failed to reverse the trend.
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