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Turkish Lira Logs Strong Gains vs. Dollar, Analysts Remain Bearish

January 12, 2017 at 12:23 by Vladimir Vyun

One Turkish liraCurrencies of emerging markets were rallying against the US dollar during the Thursday’s trading session, and the Turkish lira joined the parade. Yet analysts remained largely bearish on the Turkish currency.

Yesterday’s press-conference of Donald Trump sent the dollar lower, allowing other currencies to log gains, and the lira was not an exception. Yet experts believe that economic problems, political tensions, rising inflation, and terrorist threat keep the outlook for the currency extremely pessimistic. Some of them predicted that the lira will continue falling unless the central bank hikes interest rates.

USD/TRY sank as much as 2.4% to 3.7719 as of 12:13 GMT today.

If you have any questions, comments, or opinions regarding the Turkish Lira, feel free to post them using the commentary form below.

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