The U.S. dollar soared against the Turkish lira early on Friday, pushed higher after Turkey’s consumer-price inflation for October came in higher than expected. The reading for inflation for the past month grew by 2.1%, compared with the FactSet consensus estimate of 1.7%, bringing CPI to 11.9% on the year, versus 11.3% expected. Turkey’s central bank warned of the potential for higher inflation in October and November due to a rise in commodity prices and exchange-rate fluctuations. The dollar jumped to an intraday high of 3.8660 lira in response, representing its highest level since January. The pair was last changing hands at 3.8496 lira, up 3.7972 lira late Thursday in New York.
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