Turkish central bank said upper limit of foreign currency reserve cut

Turkey central-bank tweaks reserve requirement ratio lower

• Turkey central-bank tweaks reserve requirement ratio lower
• says upper limit of foreign currency reserve option mechanism cut to 40% from 45%
• says around $2.2 billion will be supplied to banks as a result of the move

The USDTRY dipped on the headlines, but has bounced back higher. The pair traded to yet a new record high level as the Trump administration said it was reviewing Turkey's duty-free access to the U.S. market. That move could impact some $1.66 billion of Turkish exports according to reports.