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USD/TRY Pulling Lower After Alltime High Printed This Morning

TURKISH LIRA

Having hit a new high at 7.3663 this morning, USD/TRY has begun to reverse over the course of the European morning, with the pair retreating to 7.24 in recent trade. Moves come amid further comments from Turkish authorities this morning including comments from Turkish bankers who've stated that the average rate of funding will increase gradually, with interbank rates already higher due to Turkish central bank's liquidity measures.

Reuters reported on a Thursday meeting held between the Turkish CB governor and senior bankers, in which participants stated they see an increase in interest rates and exchange rates as a result of the steps being taken. (These measures mainly refer to the withdrawal of targeted liquidity facilities)

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