In recent times, USD TRY news has been dominated by domestic economic and political events in Turkey. The Turkish economy is well-developed, with its geographical location spanning Asia and Europe proving an advantage in global trade. While the nation has access to the European common market, efforts to join the Eurozone and become a member of the EU have stalled.
The volatility of the lira continues to impact the USD TRY rate. Factors like the political decision to sack the Turkish central bank chief in July 2019 highlight this, along with its trading relations with key markets in the EU, Russia and USA. The relationship with the latter in particular will be of significance, undermining any measures and interventions to support the value of the lira.