Turkish lira bounces back from record low after Erdogan issues U-turn on expelling western diplomats

The Turkish lira erased partial record losses to reach 9.75 against the US dollar earlier this morning after President Erdogan rescinded his threat to expel 10 western ambassadors over their support for a jailed activist.

Erdogan backs down over threat to expel diplomats over their support for jailed Osman Kavala.

After declaring 10 diplomats from Western countries "persona non grata" over their support of a civil society leader, it appears for now Erdogan has changed his mind. “We believe that these ambassadors, who have fulfilled their commitment to Article 41 of the Vienna Convention, will now be more careful in their statements,” he said. “Those who have shaped our country as they wished in the past panicked when Turkey made its own stand. Our intention is never to create a crisis, but to protect the dignity of our country,” the Turkish president added.

The Turkish lira is trying to claw back losses this morning after the speech from President Erdogan, earlier he accused “some people” of attempting to make the lira decline against foreign currencies with their cooperators in Turkey.

USD/TRY is retreating from the record top amid overbought RSI conditions. Bullish moving average convergence divergence (MACD) and sustained trading beyond the key support lines favor buyers.

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