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The USD/TRY pair, which spent the Asian session moving sideways near the 7 mark, came under pressure in the European morning an fell to a new daily low at 6.4630. As of writing, the pair was trading at 6.5420, losing a little over 5% on the day.

The recent TRY strength seems to be the product of a couple of new announcements from Turkish officials. Earlier today, the Ministry of Industry announced their decision to introduce a support program worth of 1.2 billion TRY to industrial manufacturers, and Berat Albayrak, the Minister of Treasury and Finance, said that they will be holding a teleconference with foreign investors on Thursday to confirm yesterday’s reports.  

The teleconference is scheduled to start at 11:00 GMT and as many as 1000 investors are expected to attend the meeting.