Turkish Lira Tumbles in Asia Witching Hour as Tensions Escalate
- Lack of volume was behind Monday’s price decline: Saxo Capital
- Currency heads for its longest losing streak since May 2016
Turkish Lira Plunges to a Record Low
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Traders scrambled Monday morning as Turkey’s lira plunged, turning off live platform pricing and restricting quotes amid volatility caused by rising tensions between the U.S. and its NATO ally.
As politics pushed the lira to a record low against a basket of currencies including the euro and the dollar, requests for quotes on “show side only” basis were flashing, according to traders familiar with the transaction who asked not to be identified because they aren’t authorized to speak publicly.