USD/TRY drops

Erdogan and Pence have reach a deal to suspend Turkish incursion in Northern Syria in 120 hours, according to Turkish sources cited by the Middle East Eye.

Turkey will suspend its operations to allow YPG to withdraw from the designated safe zone, the report says.

USD/TRY has quickly dropped on the report but remains curiously stable.

In a press conference at the White House, Mulvaney said said Erdogan's visit in November depends on the next two days however there are also reports that it has been suspended.

Update: A Turkish official cited by Reuters said Turkey got 'exactly what we wanted' from the US talks.

Update 2: Trump says 'great news out of Turkey'