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After Turkey’s High Election Board announced its decision to re-run the local elections in Istanbul, which was won by the opposition CHP, the TRY came under heavy selling pressure and lost more than 1000 pips against both the dollar and the euro in a matter of minutes.  

As of writing, the USD/TRY pair was up 2.5% on the day at 6.1015 and the EUR/TRY was adding 2.35% at 6.8360.