As always, fundamental news first and technical analysis second.
Important fundamentals were:
- The Turkish government has ruled that exporters have to convert 80% of their foreign exchange revenue into lira within 180 days
- The central bank has already announced tightening policy coming up this month, and thus, has set the bar pretty high for next Thursday's meeting (President Erdogan is, at least in front of the camera, against interest rate hikes)
- Potential war in Idlib/Syria: The Turkish society sees Syrian refugees already as a drain on the economy, making a correlation to the demise of the lira. Obviously another attack in Syria, which leads to another influx of refugees, could lead to further tensions. Germany's foreign minister is visiting Turkey right now in order for potential help in the 'Idlib attack scenario'