Turkish Lira Sold-off on Turkish PM Resignation
USD/TRY is on a tear, having made a trend high of 2.98 before
consolidating just above 2.95, following news that Turkish Prime
Minister Ahmet Davutoglu is set to step down after disagreements with
President Erdogan.
As the Financial Times
notes: "Ahmet Davutoglu, Turkey’s prime minister, may give up his
premiership, after failed talks with President Recep Tayyip Erdogan over
his independence as the elected leader of the country. The talks showed
that even though Mr Erdogan occupies a ceremonial post, he continues to
wield enough power to dispose of opponents and control all aspects of
government."
