The Turkish lira surged on Monday against the world's reserve currency amid confidence that the political party of the prime minister performed well during national elections this past weekend, according to Bloomberg.
The Justice and Development Party of Prime Minister Recep Tayyip Erdogan drew about 45 percent of the vote in Sunday elections, with about 87 percent of ballots accounted for. More colloquially known as AKP, the party is forecast to help the nation's economy advance. The AKP won 39 percent of the vote during the most recent elections, which were in 2009.
"A strong 40-to-45 percent support for the AKP will be interpreted as a vote for policy continuity," states a Sunday report authored by analysts with Barclays Plc., according to Bloomberg. "This could prompt some short covering on the Turkish lira. We, however, believe that there is little probability of any result that can bring closure to the underlying domestic and political tensions."
The lira rose roughly 1.2 percent against the greenback as the trade week began, pushing to its top value since late January.
The opposition party CHP only won as much as 28 percent of Turkey's vote on Sunday, according to Reuters.
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