07 February, 2019
The USD/TRY pair traded firmly higher on Thursday during the European session at 5.2686, as the Greenback again climbed higher against a basket of other currencies today following economic weakness in the Eurozone and the UK and their respective currencies and strong economic data coming from the US. The Lira is also weaker today, following a slump in emerging market currencies. Earlier this week the Lira came under pressure after Turkish President Erdogan outlined how the Treasury would take over the nation’s largest listed lender Turkiye Is Bankasi A.S. Putting the largest bank under government control has caused political turmoil in the country, sent the bank’s shares plunging and undermined investor confidence in the government.