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Chief Analyst Jakob Christensen at Danske Bank assessed the prospects for TRY ahead in the week.

Key Quotes

“The Turkish market is closed this week due to the public holiday Kurban Bayrami (Sacrifice Feast)”.

“The trading in the TRY will be thin, but high volatility is likely to stay. The markets will remain in wait-and-see mode as the US could hit Turkey with new sanctions during the week”.

“Yet, some support for the TRY is likely to come as lira-positive news started flowing on Sunday. Qatar and Turkey’s central banks sealed an FX swap agreement to add liquidity in Turkish markets. The agreement came several days after Qatar pledged USD15bn in FDIs to the Turkish economy”.