USD/TRY: Turkey's Lira has firmed to 5.2625 - Turkish delegation going to Washington

Turkey's Lira has firmed to 5.2625 against the greenback after reports of a Turkish delegation going to Washington.

There have been wires that a preliminary understanding has been reached between Turkey and U.S. over sanctions.

Sources have stated that the two nations have reached consensus to agreed to continue face-to-face meeting and that a Turkish delegation is being arranged to head over to Washington within the next two days. 

This follows a retaliation by President Recep Tayyip Erdoğan who froze assets of the U.S. justice and interior secretaries in Turkey after Washington decided to impose sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdulhamit Gül over the detention of terror-linked pastor Andrew Brunson.

However, sources have said that "both U.S. and Turkish officials have reiterated their willingness to develop diplomatic relations and resolve problems, further expressing mutual appreciation for upholding diplomatic dialogue and constructive attitude."

Further reading:

• USD/TRY skyrockets to record high near 5 on news of US preparing sanctions list
• Risks of intervention increase: we up the stop on TRY shorts - TDS