Lira: Waiting For A Bearish Confirmation

Potential for an upside bounce in the Turkish lira evaporated on February 23, with the currency smashing through trendline support at TRY1.5300/US$. The arrest of seven senior military officers on suspicions of conspiracy to overthrow the government on February 24 hammered foreign investor risk appetite, with increasing concerns of another full-blown political crisis being priced into the market.

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