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Rate continues to grind higher,........>

TURKISH LIRA: Rate continues to grind higher, touching fresh cycle highs of
6.2411 Thursday and remains on track to register its 14th up day in 16 sessions.
TRY is suffering alongside the broader wane in risk sentiment, but domestic
political rancour is adding further pressure with the Turkish government
snapping back at US criticism of its decision to re-run Istanbul mayoral
elections. The US Dept of State urged the Turkish government to carry out the
second round of voting inline with international commitments - a comment read by
some as a veiled critique of Erdogan's party failing to accept the result of the
first ballot.
-The second Istanbul election takes place on June 23rd and Erdogan's AKP may
change their election strategy after polling found that the AKP's attempts to
"brand the opposition as being in league with terrorists" (as per Ahval) worked
against Erdogan's party.
-USD/TRY made light work of resistance at the 6.1853 level, with attention now
turning to the 61.8%B Fib of the 7.2362-5.1344 move at 6.4333.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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