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Turkish Lira Tumbles: SocGen Expects "Pain Threshold" Crash Pushing USDTRY To 8.00

• https://www.zerohedge.com, by Tyler Durden

And yet, after closing for trading at around 6.00 last Friday, the Lira has resumed its drop, and was trading as low as 6.20 against the dollar after an unknown driver fired shots at the US embassy in Ankara (nobody was hurt), and a report from the WSJ that the US has rebuffed all possibility of negotiations over the release of pastor Brunson.

And according to a new report from SocGen analyst Phoenix Kalen, today's drop may be just the start of the latest sharp slide in the Turkish currency, one which will eventually see the lira drop to 7.0 by the end of the third quarter, then tumbled as low as 8 by the end of the year, before regaining some ground back to 7.0 by the end of the first half of 2019.

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