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”.
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