It appears Turkey's Erdogan won't......>

TURKISH LIRA: It appears Turkey's Erdogan won't give up so easily after losing

control of Istanbul for the first time in over 25 years in last weekend's local

elections (a particular slight for Erdogan who was former Mayor of the city).

His AKP party are to seek a re-run for voting in the city (the AKP party had

previously cited fraudulent voting and irregularities in the vote count), a

request that's already been rejected wholesale by the election board, but

partial recounts of a number of districts are already taking place.

-USD/TRY trades slightly lower today but still well toward the upper end of the

recent range. Short-end implied vols have lurched higher again today (1w at 23.4

vol points) after a series of declines from the peak of 52 vol points on March

28th.