Turkish Lira

The Turkisk Lira fell against the Euro, Dollar and Pound after its central bank hinted at the need to cut interest rates in the near-future.

The Pound to Lira exchange rate starts the new week with a 0.40% gain that takes it to 41.75, and we think further gains are possible.

Eye-watering Turkish Lira depreciation could be about to moderate according to new research from HSBC, even if headwinds continue to persist over the remainder of the year.

GBPTRY rallied by over a per cent in value to 24.63 at the start of the new week as wrong-footed investors braced for another term of unorthodox policies under President Erdoğan.

Looming elections and unsustainable currency-defence economic policies are unlikely to prevent a sizeable slide in the value of the Turkish Lira before year-end.

TRY steady after CBRT leaves rates unchanged, outlook bolstered by hint of stable rates ahead.

TRY stabilising in middle of holiday range, USD/TRY attempts to level off near 14.00.

TRY recoups December loss in 60% rally, ootential for further ‘short squeeze’ in January.

TRY cuts back three-months of losses by 50% in punishing holiday market squeeze on sellers.

GBP/TRY breaks above 20.0 & closes in on 21.00 after CBRT cuts again & opens door to 2022 rate cuts.

TRY would likely benefit if the CBRT leaves interest rates steady on Thursday, some analysts say.

The Turkish Lira tumbled to new all-time lows to open the mid-week session following a television interview in which President Recep Tayyip Erdogan effectively told financial markets to go and take a hike of their own.

GBP/TRY and USD/TRY reverse half of Tuesday's surge, but recovery lacks a clear catalyst and follows a CBRT statement.

GBP/TRY & USD/TRY gains nearing +70% for 2021 as market protests interest rate policy & Lira spirals.

The Lira tumbled again following the Central Bank of the Republic of Turkey’s November decision to cut its interest rate, which has left the Turkish currency on the edge of an abyss.

The Lira spiralled to new lows that saw 2021’s losses against the Dollar and Pound surpassing the 40% threshold on Wednesday as a perfect storm of adverse conditions threatened to condemn the Turkish currency to its worst year on record.

The Lira was on course to post gains for the week on Friday, although the latest interest rate policy decision from the Central Bank of the Republic of Turkey (CBRT) has led analysts to cut forecasts steeply and may mean it's just a matter of time before fresh losses are seen.

USD/TRY setback may be imminent, charts warn and "extreme caution" warranted says Commerzbank.

The Pound-to-Lira exchange rate was on route to late June highs around 12.14 on Thursday following a surprise interest rate cut from the Central Bank of the Republic of Turkey.

The Lira is outbidding all others with its yield offering to international investors and Credit Agricole has flagged it as the number one ‘carry trade’ out there.