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Turkish Lira Trades At 11-day High Against U.S. Dollar

The Turkish Lira traded higher against the U.S. dollar in the European session on Friday, as the US and Turkey agreed to a ceasefire in northern Syria allowing Kurdish fighters to withdraw from the safe zone.

Under the deal, Kurdish forces who are allied with the US in the fight against ISIS will withdraw from Turkey’s declared “safe zone” on the border.

The US has removed the threat of sanctions against Turkey.

The Turkish Lira firmed to an 11-day high of 5.76 against the greenback, from Thursday’s closing value of 5.81, and held steady thereafter. The next likely upside target for the Turkish Lira is seen around the 4.5 level.

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