15 April, 2019
USD/TRY traded firmly higher on Monday in the European session even as the Greenback traded slightly lower against a basket of other currencies. The Turkish Lira opened the week lower after falling last week by some 3% following dwindling confidence in the country’s currency and amid disappointment over an economic reform plan presented by Turkey’s finance minister this week. On Thursday, the lira weakened 1.2 percent following a lukewarm reaction on Wednesday to Finance Minister Berat Albayrak’s package of economic reforms, notably a plan to provide 28 billion lira ($4.9 billion) to recapitalise state banks. On Friday, Turkey’s central bank corrected its figures of foreign currency deposits held by locals to $181.88 billion, a day after it announced it had dipped to $181.13 billion. Analysts say Turks converting their savings into foreign currencies have signaled a decline of confidence in the lira. Later today, New York Empire State Manufacturing Index for April will be released in the US (13:30 GMT+1).