USD/TRY HAs A Look Above TRY8.00

Another day and another fresh all-time high for USD/TRY as it has a shallow first look above TRY8.00. The broader defensive feel to the session, coupled with several sources of tension surrounding Turkey have continued to apply pressure to the TRY, which isn't being helped by the lack of credibility that the Turkish central bank currently has within the broader realm of financial markets. To recap weekend developments:• BBG reported that "the U.S. said it's temporarily suspending all American citizen and visa services at its missions in Turkey after receiving credible reports of terrorist attacks and kidnappings."• France recalled its ambassador to Ankara in the wake of a spat between the leaders of the two countries, centring on accusations of France's treatment of Muslims and personal jibes from Erdogan re: French counterpart Macron.