USD/TRY most overbought since 2018 as Turkish lira slumps to record low

The Turkish lira (USD/TRY) dropped to the lowest level on record as traders reacted to the rising tensions between Turkey and western countries. The pair is trading at 8.0876, which is the highest it has been ever. Turkish lira under pressure The Turkish lira has been under intense pressure lately. This year, the currency has dropped by more than 35% against the US dollar, euro, and British pound. This decline makes it one of the worst-performing currencies in the world. Analysts attribute the weakness of the lira on several things. First, the Turkish economy has been hit relatively hard by