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21 Aug 2015
TRY remains under pressure on political concerns – TDS
FXStreet (Edinburgh) - According to strategists at TD Securities, the selling bias persists around the Turkish currency.
Key Quotes
“Turkey seems almost certainly set for an early election. The 45-day deadline to form a government expires on Sunday, August 23. After midnight, President Erdogan can call the vote any time”.
“This week’s heavy TRY selling has anticipated part of the negative reaction to this scenario, but market focus will start shifting to polls and anticipation of the vote, with a risk that political uncertainty drags asset prices and the lira into further weakness in the coming weeks”.
Key Quotes
“Turkey seems almost certainly set for an early election. The 45-day deadline to form a government expires on Sunday, August 23. After midnight, President Erdogan can call the vote any time”.
“This week’s heavy TRY selling has anticipated part of the negative reaction to this scenario, but market focus will start shifting to polls and anticipation of the vote, with a risk that political uncertainty drags asset prices and the lira into further weakness in the coming weeks”.