Search ForexCrunch

Analysts at TD Securities point out that the weakness in the Turkish currency has partly reverse today, as markets seem less keen to add to TRY shorts.

Key Quotes

“Earlier today, a warning by White House National Security Adviser John Bolton to the Turkish ambassador to the US, that there will be no further negotiations until a detained pastor is released, implies no let up in pressure from the US authorities. For its part Turkey is showing little sign of giving any ground either, with defiant President Erdogan promising strong action against those who wage ‘economic war’ against Turkey.”

“The market is also waiting for FinMin Albayrak’s global conference call, on Thursday at 9:00 AM NY time, that will outline measures to strengthen Turkey and markets. As such Turkish markets are likely to remain on edge for now, with other emerging markets also remaining vulnerable to contagion.”