The Turkish lira gained on the US dollar today. That is surprising considering that macroeconomic data released in Turkey during the trading session was unfavorable.
Turkey’s industrial production dropped 4% in April, year-on-year, after falling 2% in the previous month. The consensus forecast had promised a smaller decline by 2.5%. Retail sales tumbled 6.9% in April, year-on-year, also more than was expected.
USD/TRY dropped from 5.8700 to 5.8333 as of 12:01 GMT today.
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Turkish Lira Gains on US Dollar Despite Unfavorable Data
