14 March, 2019
The USD/TRY currency pair traded higher in the European session as the Greenback turned higher against a basket of other currencies. The Turkish Lira was stable despite the fact that Turkey's industrial output is expected to fall 7.55 percent year-on-year on a calendar-adjusted basis in January, a Reuters poll showed on yesterday in what would mark the fifth straight month of decline reflecting a slowing overall economy. The Turkish economy contracted 3 percent in the fourth quarter of 2018, official data showed on Monday, as last year's lira crisis and high interest rates weighed. The lira lost nearly 30 percent of its value last year in a sell-off sparked by concerns over the independence of the central given President Tayyip Erdogan's calls for lower borrowing costs, and over a diplomatic spat with Washington.