Forex Analysis Report – 4/20/19…Turkish Lira Going Downtown

The Turkish lira weakened after the central bank struggled to explain moves in foreign-currency reserves, fueling concern about the state of the nation’s finances amid the looming prospect of more political upheaval. Turkey has around $118 billion of foreign-currency debt coming due within the next 12 months and relies on the central bank’s buffers to meet its obligations if the flow of capital that finances the economy begins to slow.Foreign investors have already withdrawn a net $1.6 billion from the nation’s lira bond market this year amid political and economic turbulence that has rocked the country’s markets.Last month, JPMorgan Chase

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