USDTRY picks up bids to 18.61 during the initial hour of Friday’s European session, on the way to snapping a two-week downtrend by the press time.

It’s worth noting, however, that the options market data from Reuters challenge the Turkish Lira pair’s bullish performance.

That said, a one-month risk reversal (RR) ratio, a gauge of call options versus puts options, portrays the first daily gain in three while flashing 0.05 figures for Thursday. The weekly RR prints, however, drop for the second consecutive week to -0.560.

While searching for the underlying reason, the recent hawkish comments from the Federal Reserve officials and economic pessimism surrounding Turkiye could gain major attention.

Also read: Türkiye: Exceptionally dovish monetary policy to persist – Standard Chartered