Euro broke record against the Turkish Lira

Due to the effect of global markets and geopolitical developments, the Euro to the Turkish Lira TL surged to 4.21 surpassing the historical record, while the dollar to TL rose to its highest level of 3.60.

Euro / TL reached its historic level of 4.2162, on Wednesday and then levels at 4.20 levels in the day. 

The dollar / TL traded just below 3.58 on Wednesday evening but rose to 3.5945, the highest since July 12, and then retreated to 3.5730. 

According to analyst, pressure is exerted on TL by global markets and geopolitical developments such as the referendum in northern Iraq and the strengthening of the expectations of the Federal Reserve (Fed) to raise interest rates in December.

In the last two weeks, the dollar / TL rose from the 3.40 level to the 3.55 level and jumped above 3.58 yesterday.   

Emphasizing the increasing fragility of the Turkish Lira on a weekly basis, analysts point out that the upward trend started in the second week of September, that saw the dollar reaches its highest level in two and half months accelerated on Wednesday, targeting the resistance zone of 3.59 - 3.61. 3,55 - 3,53 levels will be see a possible retreat.