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USD/TRY last trading 470 pips higher...>

TURKISH LIRA
TURKISH LIRA: USD/TRY last trading 470 pips higher on the day at TRY6.0910 after
reports covered comments from White House noting that "the U.S. is Terminating
turkey's preferential trade treatment under GSP effective on Friday." There will
be a 25% ad valorem tariff on Turkish steel imports.
- The U.S. TR office had noted back on 04 March that "at the direction of
President Donald J. Trump, U.S. Trade Representative Robert Lighthizer announced
today that the United States intends to terminate India's and Turkey's
designations as beneficiary developing countries under the Generalized System of
Preferences (GSP) program because they no longer comply with the statutory
eligibility criteria."
- Wednesday's high has been cleared, with focus on the remainder of the recent
run of intraday highs as the next points of resistance.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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