The current political uncertainty in Turkey is what drove that sharp rally in the first place, and the current consolidation is, for me, a signal of momentum build-up that will cause another spike following further uncertainty in the country.
The reason for this is that tourism could be affected, thus causing investors to stay away from the currency, buying stronger currency pairs against it, such as the euro.
The reason for this is that tourism could be affected, thus causing investors to stay away from the currency, buying stronger currency pairs against it, such as the euro.
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