Turkish Lira Gains on US Dollar Despite Unfavorable Data

The Turkish lira gained on the US dollar today. That is surprising considering that macroeconomic data released in Turkey during the trading session was unfavorable.
Turkey’s industrial production dropped 4% in April, year-on-year, after falling 2% in the previous month. The consensus forecast had promised a smaller decline by 2.5%. Retail sales tumbled 6.9% in April, year-on-year, also more than was expected.
USD/TRY dropped from 5.8700 to 5.8333 as of 12:01 GMT today.

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

Leave a Reply

Your email address will not be published. Required fields are marked *