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Analyst at Danske Bank Aila Mihr does not discard further decline in the pair due to the ‘flight-to-safety’.

Key Quotes

“FX markets calmed somewhat on Monday in the absence of new significant TRY developments”.

‘That said, we still stress that the combination of Turkey’s confrontational tone and lack of bold measures to calm markets mean we would not call off the flight-to-safety move nor the downward pressure on the euro just yet”.