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Jakob Christensen, Chief Analyst at Danske Bank, noted the recent price action around the Turkish currency.

Key Quotes

“Yesterday, the Turkish lira saw a brisk dawn as the USD/TRY fell under 6.00, saluting more US friendly comments by the Turkish Foreign Minister and the news on Qatar’s pledge to invest USD15bn in Turkey’s economy”.

“However, in the evening, the risk-on sentiment was spoilt by the US Treasury Secretary who warned that more sanctions will be put on Turkey if the imprisoned US pastor is not released any soon”.