Forex - Turkey Flows: Lira continues to weaken after softer-than-expected industrial production data


 10:05 (GMT) 14 Feb

  [Forex Flows]

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Turkey Flows: Lira continues to weaken after softer-than-expected industrial production data (0101-JDTF-C01)

The lira continued to weaken at the start of Thursday's session, with the USD/TRY briefly rising to 5.3166 after it breached the 5.2935 resistance level. The currency was hurt by data showing that working-day adjusted industrial production dropped by 9.8% y/y in December, the biggest fall in 9.5 years and a worse reading than the consensus forecast of -7.5% y/y. We expect the lira to extend its losses in the near term due to concerns about the economy as well as the risk of Turkey's bigger involvement in the Syrian war, with the USD/TRY possibly surpassing the key 5.3245 resistance level.


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