The lira is imploding amid rising political risks in Turkey after Erdogan's main rival and Istanbul mayor, Ekrem Imamoglu, was detained this morning. It's pretty much a case of Erdogan enforcing his will in trying to bar anyone else from challenging his position as president and it is triggering financial dislocations in Turkish assets.
In turn, it is spilling over to broader markets with a risk retreat across the board. The euro in particular is hit with EUR/USD down 0.6% to 1.0880 and EUR/CHF down 0.5% to 0.9545.
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