Lira getting Stronger - Why?

[Scunner]

Bad day for the lira

[Colwyn]

I doesn't look quite so bad in dollars - but clearly a bloody nose.

[kevin3]

         It's all part of the wee fella's strategy.  He has a cunning plan. !!!

[KKOB]

I know someone else who had one of those.

[philrose]

5.24 and still dropping.....

[JohnF]

It appears to have recovered, slightly. 

Could be a big week for the lira, interest rate announcement due at some point and, according to HDN, Fitch Ratings may adjust Turkey's credit rating.

JF

[Colwyn]

Daily News is suggesting that the immediate trigger for the fall in the lira is Turkey's decision to launch a campaign in northern Syria against the Kurdish YPG. The US is supporting a coalition of the YPG to work alongside the Syrian Democratic Forces (SDF) to setup  a border control zone. Meanwhile Erdogan says Turkey will work with the SDF in order to attack the YPG. Messy enough for you? To compound this, as JohnF says, important financial news to follow later in the week.


http://www.hurriyetdailynews.com/turkish-lira-falls-amid-escalating-geopolitical-concerns-125845

[JohnF]

Ok, interest rates unchanged and Fitch Ratings unchanged.  Would be happy days for the lira if the wee fella hadn't decided to wage war on Syrian Kurds in Afrin, with threats to carry out a major incursion into a neighbouring sovereign state.

As it stands today, it's shelling and overflights by Turkish fighters jets - soon as they physically cross the border who knows how it'll affect the lira.  If I was a gambler, I know which direction I'd betting on...

JF

[Scunner]

5.27 to 5.33 in one second just now

[Colwyn]

Blimey! Who  woke up the money markets on a Sunday? Perhaps it is just a few small trades and things will get back to normal trading tomorrow? Or perhaps starting an invasion on a Sunday doesn't catch everyone asleep/on the beach.