Turkey's lira slipped to a fresh two-month low as financial markets kicked off trading in the wake of the country's Sunday presidential and parliamentary election with the race for presidency appearing headed for a runoff.
The currency weakened to 19.70 to the dollar before retracing some of its losses to 19.66, on track for its worst session since early November.Parties of both incumbentwere claiming the lead but sources in both camps admitted they may not clear the 50% threshold to win outright.
"It is hard to foresee a market-positive scenario emerging from today’s double vote in Turkey," Wolfgango Piccoli at Teneo wrote in a note to clients.
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