One Turkish soldier was killed yesterday near the Syria border in territory controlled by Islamic State. In response Turkish army sent tanks and artillery units to shell the IS.
Conflict with Islamic State is not the only that Turkey is facing currently. The domestic fights are carried out with Kurdish militants. Turkish army bombed today PKK positions, following a death of their soldier in roadside attack.
The army led bombing resulted in death of 20 PKK's militants.
Turkish lira is under performing today due to such developments. We believe that the geopolitical risks as well as lack of stable government are factors suggesting to short TRY. We have highlighted such possibility in our latest trade ideas today.
More on this News to come.