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USD/TRY continued its decline yesterday after local retail accounts took advantage of the respite and sold USD, while thin liquidity has also been adding momentum to the  Turkish  lira, suggests the research team at Danske Bank.

Key Quotes

“The geopolitical stand-off with the US remains unresolved and the picture became even murkier after Turkey increased tariffs on several US imports, including passenger cars, rice and coal. Qatar is reported to have pledged some USD15bn worth of direct investment to the country to help avert a financial crisis.”