TRY comes under pressure as markets wait for WH presser on S-400

Earlier today, Russia’s Federal Service for Military-Technical Cooperation confirmed that it had started delivering the S-400 missile defence systems to Turkey, which has been a cause of a political crisis between the U.S. and Turkey. 

In a response to this development, the Pentagon announced that senior defence officials will be holding a press conference to address this issue. "The Pentagon said Ellen Lord, the undersecretary of defence for acquisition and sustainment and David Trachtenberg, the deputy undersecretary of defence for policy, would hold a press briefing," Reuters reported.

With the initial market reaction, the Turkish lira suffered heavy losses. As of writing, the USD/TRY was up 1.32% on the day at 5.7450 while the EUR/TRY was adding 1.3% at 6.4515.