New highs for EUR/TRY

On June 25th last year President Erdogan won the election confirming his presidency. It was welcomed news so much so that the Turkish lira immediately gained ground against the euro.

The trend however remained unaffected and since nothing had changed in the government since then, it was easy to expect a resumption of the uptrend on EURTRY, or a loss of value of the Turkish Lira. (we talked about it in our webinar on Monday).

This was actually confirmed with the EURTRY charging to new highs. The high interest rates in Turkey, now at 18%, did not seem to prevent the flow of capital from this currency.

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