Forex - Turkey Flows: Lira weakens a bit on Qatar drills, Erdogan comments


 10:30 (GMT) 19 Jun

  [Forex Flows]

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Turkey Flows: Lira weakens a bit on Qatar drills, Erdogan comments (0100-QHFK-C01)

The lira weakened a bit at the start of Monday's session with the USD/TRY briefly climbing to 3.5141. The currency was hurt by worries about Turkey's greater involvement in the Qatar-Gulf crisis after Al Jazeera reported that Turkish forces had participated in joint military drills in Qatar, as well as comments by President Tayyip Erdogan, who said on Saturday that the government would continue to intervene on interest rates to pull them down. We see potential for the lira's further depreciation in the next few days as political and policy uncertainty is likely to continue to weigh, with the USD/TRY possibly exceeding the key 3.5575 resistance level.


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