Lira Dips After Opposition Sweeps Turkey’s Local Elections

Turkey’s lira reversed earlier losses and surged against the dollar on Monday as President Recep Tayyip Erdogan indicated he’ll give his economic team more time to produce results despite facing an unprecedented rout at local elections over the weekend.

Erdogan’s ruling Justice and Development Party suffered a shock defeat on Sunday, ceding control of many of Turkey’s cities, including Istanbul and Ankara, to the opposition. The president conceded defeat quickly in a speech at half past midnight, saying lessons should be learned from it, while also saying he expected to see positive results from an economic turnaround program in the second half of the year.