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The Turkish lira is the best performing emerging market currency Today, as it dropped to as low as 2.62 against dollar, after trading as high as 2.65. However stronger dollar made Lira to give up some gains, currently trading at 2.625, up 0.45% for the day.
- Turkey is a large importer of crude oil and Iran deal is expected to reduce the burden for Turkey's current account deficit. Iran is expected to flood the market with new supplies, which as of now is most likely to push crude prices down.
However sanctions are yet to be removed over Iran, which needs to open up its nuclear site to International inspectors before an accord on sanctions can be reached.
- On the domestic front, Ahmet Davutoglu, Turkey's Prime Mister Kicked off a long delayed talks with opposition in a bid to form a coalition government. Ruling AK party has lost majority for first time since 2002 in June 7 election, which led to heavy political uncertainty in the country.
Lira could gain further if a coalition government can be formed and sanctions on Iran are removed.
