The Turkish Lira Is Taking Another Beating

The U.S. dollar is up 1.3% against the Turkish Lira.

Turkey continues to face political strife. It was reported yesterday that there were recordings of Turkish prime minister Recep Tayyip Erdo─čan talking to his son about how to hide a large amount of money. That triggered protests across the country.

But Turkey has also struggled domestically since the Istanbul riots last summer. Confidence in the government has also waned after a December corruption probe.

To top it all off investors are worried about the country’s wide current account deficit and its construction-fuelled growth.

Meanwhile, the European Commission cut its 2014 GDP forecast for Turkey to 2.5%, down from 3%.

Here’s a look at the intra-day chart showing the run-up of the USD against the lira:

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