USD/TRY touched a fresh all-time.......>

TURKISH LIRA: USD/TRY touched a fresh all-time high of TRY4.9743 over the last

couple of hours.

- The latest run up in the cross began earlier in the week, as President Erdogan

appointed his son-in-law as the country's Treasury and Finance minister,

shunning a couple of "steady hands", leaving them out of his new cabinet.

- Erdogan has attempted to assure the markets but has failed thus far. His

latest round of comments, made on Wednesday afternoon, pushed the cross to a

fresh all-time high, after he stated that "interest rates will go down in the

coming period," also noting that he believes that "the dollar will depreciate

against the lira soon."

- The cross then pushed on further in early Asia trade, before regional portals

opened, and with no fresh headlines noted, topping out at the aforementioned

fresh all-time high of TRY4.9743.