USD/TRY: Lira ticks higher as Erdogan's party loses control of Istanbul

• Turkey's Lira hits 2.5-week high against the US Dollar. 
• President Erdogan's party loses Istanbul elections. 

Turkish Lira has opened the week on a higher note as President Recep Tayyip Erdogan's ruling party lost Instanbul's Mayoral elections for a second time Sunday. 

The USD/TRY pair is currently trading at 5.7622, representing 0.83 percent losses on the day, having clocked a low of 5.7247 earlier today. That was the lowest level since June 6. 

The opposition leader Imamoglu's victory means Turkey's largest city won't be ruled by Erdogan’s party or its predecessor for the first time in 25 years. 

Imamoglu's win is seen putting an end to months of political uncertainty that had weighed on the currency and put the focus back on reviving the economy with reforms.

It is worth noting that Lira is still down 9 percent on a year-to-date basis and is one of the worst performing emerging market currencies. 

Key levels

Resistance: 5.8383 (Friday's high), 5.9208 (50-day moving average)

Support: 5.7247 (Asian session low), 5.6783 (100-day moving average)