USD/TRY tests 5.50 on reports of Turkey sending military units to Syrian border

According to Turkey’s state-owned news agency, Anadolu, Turkey sent a convoy of armoured military vehicles and ground troops to the northern Syrian province of Idlib to reinforce the Turkish military presence in the area. With the initial market reaction to this development, the USD/TRY added more than 700 pips and tested the 5.50 handle before retreating slightly. As of writing, the pair was up 1.3% on the day at 5.4823.