Cautious sentiment around TRY – Danske Bank

Jakob Christensen, Chief Analyst at Danske Bank, noted the recent price action around the Turkish currency.

Key Quotes

“Yesterday, the Turkish lira saw a brisk dawn as the USD/TRY fell under 6.00, saluting more US friendly comments by the Turkish Foreign Minister and the news on Qatar’s pledge to invest USD15bn in Turkey’s economy”.

“However, in the evening, the risk-on sentiment was spoilt by the US Treasury Secretary who warned that more sanctions will be put on Turkey if the imprisoned US pastor is not released any soon”.