TRY: 2012 To Prove Volatile

Following a torrid 2011 in which the Turkish lira depreciated more than 20% against the US dollar, the currency has enjoyed a reversal of fortunes in the first few weeks of January. Having traded as low as TRY1.9200/US$ at one point in late December, the unit has since appreciated back towards medium-term resistance at TRY1.8350/US$.

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