Turkish lira has gained following the weekend election.
- Opposition has won Istanbul mayor election
- USD/TRY circa 5.7380
If you are wondering what Istanbul's mayor impact on monetary policy or pretty much anything to with lira trade … don't bother. This is sentiment/positioning related - not a positive for Erdogan's ruling party. This was a rerun of the election, the first time around Erdogan refused to recognise the result. No doubt this time though - big vote against Erdogan policies.
