Bad News Makes Turkish Lira Unappealing for Investors

The Turkish lira sank today after the series of bad news made the currency look very unappealing to investors.

Turkey arrested the leaders of the pro-Kurdish opposition People’s Democracy party. This news is likely to increase tensions among Kurds and lead to more violence. And indeed, hours after the detention a car bomb exploded, killing eight people and injuring more than hundred, though at the present time it is hard to tell whether the tragic event is related to the arrest. All that made the Turkish assets, including the lira, not particularly attractive to Forex traders.

USD/TRY rallied 1.29% to $3.1501 as of 11:45 GMT today.

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