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Currencies: Turkish lira extends slide amid political uncertainty

The Turkish lira on Monday stumbled out of the blocks, with the currency putting in the worst performance among the more closely watched.

The lira fell more than 1%, trading to a 2-week low, as political uncertainty continues to weigh on the Turkish economy.

“At the start of a new week of trading the Turkish lira is the weakest link due to rising market concerns that political tension may increase in the coming days/weeks. President Erdogan questioned the validity of the Istanbul vote saying this morning that there are ‘too many’ irregularities and he also cited ‘organized crime,’” wrote Piort Matys, EM FX strategist at Rabobank.

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