UPDATE 1-Turkish lira firms after opposition wins Istanbul election

The Turkish lira strengthened overnight after the opposition dealt a stinging blow to President Tayyip Erdogan by winning control of Istanbul in a re-run mayoral election on Sunday. Assets have sagged since March amid uncertainty over how the vote might effect Erdogan’s economic policies and concerns over strained relations between Ankara and Washington over Turkey’s purchase of Russian S-400 defence systems. One banker said the outcome had removed a source of political uncertainty and there was market optimism that the government would now shift its attention to the economic reforms that Turkey needs.

Source: Yahoo.com