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Pretty decent pullback in USD/TRY 1m...>

TURKISH LIRA
TURKISH LIRA: Pretty decent pullback in USD/TRY 1m vols so far Monday, falling
over 6 vol points down to the mid-20s. Markets are settling somewhat following
the local elections results over the weekend. Large urban centres (namely
Istanbul and Ankara) dropped their support for President Erdogan, which
initially helped weaken spot TRY early Monday. Offshore TRY liquidity markets,
however, remain fraught, with overnight swaps rates north of 300% - although
still well below the highs last week of 1,350%. This appears to have helped
stymie some of the domestic FX weakness, allowing USD/TRY to now sit slightly
lower on the session at 5.5570.

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