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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.