USDTRY, H4
The Turkish Lira has rallied for a second day, this time by 6% and driving USDTRY below 6.0. This puts it some distance from the record high the pair saw on Monday at 7.240. The Lira’s gains have come after Turkey’s banking regulator sought to freeze foreign accounts out of being able to sell the currency. There is also a narrative about improved EU-Turkey relations on news that Ankara released two Greek soldiers that have been detained since March.
Relations between the US and Turkey, meanwhile, are deteriorating, with Ankara announcing tariff hikes on US imports and a Turkish court today rejecting an appeal to release US pastor Brunson. This is keeping global markets on edge, despite the stability in the Lira.
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Andria Pichidi
Market Analyst
HotForex
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