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The Krona topped the major currency rankings in the penultimate session of the week after the Riksbank signalled that it could be about to shift to a ‘hawkish’ interest rate stance that some analysts say would act as a catalyst for a turnaround by the beleaguered Swedish currency.
Read more: Swedish Krona Eyes Recovery Road after Riksbank Mulls Rate Rise
GBP/TRY and USD/TRY reverse half of Tuesday's surge, but recovery lacks a clear catalyst and follows a CBRT statement.
Read more: Turkish Lira in Relief Rally but CBRT Policy Key for Sustainable Recovery
The Lira tumbled again following the Central Bank of the Republic of Turkey’s November decision to cut its interest rate, which has left the Turkish currency on the edge of an abyss.
Read more: Turkish Lira Stares into Abyss after CBRT Cut Emboldens Bearish Market
GBP/TRY & USD/TRY gains nearing +70% for 2021 as market protests interest rate policy & Lira spirals.
Read more: Turkish Lira Loss Takes GBP/TRY’s 2021 Increase Near to +70%
The Lira spiralled to new lows that saw 2021’s losses against the Dollar and Pound surpassing the 40% threshold on Wednesday as a perfect storm of adverse conditions threatened to condemn the Turkish currency to its worst year on record.
Read more: Turkish Lira Well on Course for Worst Year on Record
