USDTRY Gaps Lower 2.5% After Erdogan Wins Turkish Referendum
Posted: Sun Apr 16, 2017 7:54 am
The Turkish lira opened higher across the board after uncertainty surrounding the constitutional referendum in the country dissipated. The camp led by President Erdogan won the vote narrowly, dividing Turkey, with the Eastern part of the country with major cities and the capital Ankara voting against a presidential republic.
Brokers are unlikely to have been martially affected by the USDTRY & EURTRY gaps, as the exchange rate changes are rather small when compared to similar political risks on previous occasions in other countries. As the market in Istanbul opened, the Turkish lira pared back some of its gains in what appear to be normal trading conditions.