The Turkish lira ticked down today as the negative macroeconomic data from Turkey deterred Forex traders from buying the currency. The Turkish economy looks weak and that does not help the lira.
Industrial production declined 2 percent in June from May on a seasonally adjusted basis. The data spurred speculations that the Turkish central bank would ease its monetary policy to support the failing economy. Turkey’s economy indeed requires support as gross domestic product shrank 0.4 percent in the first quarter, the first contraction since March 2009.
USD/TRY rose from 1.7866 to 1.7887 as of 13:27 GMT today and its daily maximum was at 1.7933.
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