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Despite earlier headlines of shots.....>

TURKISH LIRA: Despite earlier headlines of shots being fired at the US embassy
in Ankara, USDTRY trades flat into the European open holding either side of
Try6.00. A reminder that late on Friday Turkey was downgraded by some of the
major rating agencies. Moody's downgraded Turkey to 'Ba3' ('junk') with negative
out look. S&P cut Turkey's sovereign debt rating one notch to 'B+' and the
long-term local currency rating to 'BB-'. The WSJ also reported that the Trump
administration rejected an effort by Turkey to tie the release of a US pastor
with relief for a major Turkish bank facing billions of dollars in US fines.
Turkey has a number of public holiday's this week with markets again on headline
watch for direction. Resistance is seen at Try6.1613 which represents the 50%
retracement of Try6.3468-5.9758. USDTRY last Try6.0363.

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