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5 May 2016
Turkish Lira sold-off on Turkish PM resignation
USD/TRY is on a tear, having made a trend high of 2.98 before consolidating just above 2.95, following news that Turkish Prime Minister Ahmet Davutoglu is set to step down after disagreements with President Erdogan.
As the Financial Times notes: "Ahmet Davutoglu, Turkey’s prime minister, may give up his premiership, after failed talks with President Recep Tayyip Erdogan over his independence as the elected leader of the country. The talks showed that even though Mr Erdogan occupies a ceremonial post, he continues to wield enough power to dispose of opponents and control all aspects of government."
As the Financial Times notes: "Ahmet Davutoglu, Turkey’s prime minister, may give up his premiership, after failed talks with President Recep Tayyip Erdogan over his independence as the elected leader of the country. The talks showed that even though Mr Erdogan occupies a ceremonial post, he continues to wield enough power to dispose of opponents and control all aspects of government."