Turkish court sentences pastor Brunson to 3 years in prison, USD/TRY fluctuates wildly

Eren Sengezer FXStreet

According to the latest headlines crossing the newswires, American pastor Brunson has been convicted and sentenced to three years in prison. However, the court has also decided to lift the judicial restrictions, including the travel ban, on Brunson and freed him on time served.

The initial market reaction caused wild fluctuations in the USD/TRY pair. After dropping sharply to the 5.82 area, the pair recovered quickly and was last seen trading near 5.90, where it was down 0.4% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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