The Borsa Istanbul Stock Exchange National 100 Index jumped the most on a closing basis in three years as Turkiye Garanti Bankasi AS and Akbank TAS surged at least 5.1 percent, while Turkish bond yields declined the most on record.

Eoin Treacy's view The Turkish National 100 Index pulled back sharply from its late May peak, above 90,000 in line with a number of other high flying markets. However it has fallen more aggressively over the last week as domestic political concerns made headlines. The Index has paused in the region of the 200-day MA, having developed a short-term oversold condition and some consolidation of recent volatility is probably required before a move to new highs can be supported.

The US Dollar surged against the Turkish Lira over the last few weeks but encountered resistance this week in the region of the 2011 high near $1.90. A sustained move above that level would be required to question current scope for some consolidation of recent gains.