USD/TRY falls to 7.90

The lira is seeing a slight relief now as it strengthens to the best levels on the day, trimming the 15% gap lower to roughly 9% as USD/TRY falls from 8.05 to 7.90 in the past hour.

USD/TRY falls to 7.90

This may help to spark broader risk relief moves across the market ahead of European trading, even more so if Treasury yields keep lower as they are doing now.

Update (0604): USD/TRY falling quickly to 7.85 levels, still up 8.7% on the day though.

Update (0609): USD/TRY falls to 7.77 now as gains are trimmed to just below 8%.