Surprise Replacement of Central bank Governor Elevated Dollar
The Turkish Lira subside against the Dollar following President Tayyip Erdogan replaced the Central bank governor Naci Agbal over the weekend due to the high-interest rate.
The U.S. Dollar Index Slightly Up 0.16% to 92.073 against the basket of other currencies.
The USD/JPY pair was slightly down 0.03% to 108.84.
The AUD/USD pair was down 0.30% to 0.7719 with NZD/USD pair slightly down 0.17% to 0.7151.
The USD/CNY pair slightly up 0.06% to 6.5108.
The GBP/USD pair was slightly down 0.26% to 1.3832.
The Shocking decision by Erdogan to dismiss the service of Agbal came two days after a surge in inflation by 16% and support the Turkish Lira. Now, Sahap Kavcioglu will command. The central bank will most probably reverse the hawkish steps which could lead to upcoming market volatility.
The Lira was at 8.10 per dollar in early Asia Trade, declined 11% from its close on Friday. The Lira fell by 14.9% to 8.4850 at one point, Close to a record low of 8.5800.