USD/TRY back to flat on the day now
Reality is starting to hit the lira as the session strolls along. Erdogan's presidency means there is the likelihood of unconventional monetary policy and the possibility of a non-independent central bank, and that is capping any advance in the lira following the elections.
The lira was up against the dollar by more than 3% earlier today, and was set for its biggest daily advance since 2015. All that seems like a distant story now, as the market is having their say and the word is that the lira is set for more pain under Erdogan's presidency if he doesn't shy away from interfering with the central bank's policies.
