Turkish lira falls after GDP data

Market news

12 December 2016

Turkish lira falls after GDP data

The Turkish lira sharply extends falls after data showed the Turkish economy shrank 1.8% year-on-year in the third quarter and by far more than the average forecast for a 0.4% drop in a Wall Street Journal poll. USD/TRY trades up 1.7% at 3.5480, compared with around 3.51 just before the data was released.

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Major stock markets started trading slightly higher: FTSE + 0.1%, DAX -0.2%, CAC40 + 0.2%, FTMIB + 0.6%, IBEX flat

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