TRY: Elevated Short-Term Risks

We expect the Turkish lira to continue to trade sideways within TRY1.1400-1.2500/US$ in the short term. Amid persisting global financial market ructions and rising risk aversion, the potential for sudden downward spikes are likely to remain, while a push above key resistance at TRY1.1400/US$ is looking doubtful, at least in the near term.

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