Erdogan dealt stunning blow as Istanbul elects rival candidate - BBG

• Ekrem Imamoglu wins the redo of the Istanbul mayor’s race by a landslide.
• Imamoglu took 54% of vote, AK party’s Yildirim won 45%: AA.
• Opposition gets more votes than Erdogan ever did in Istanbul.

Bloomberg has reported on the Turkish opposition candidate, Ekrem Imamoglu, winning the redo of the Istanbul mayor’s race by a landslide on Sunday.

Turkish opposition candidate Ekrem Imamoglu won the redo of the Istanbul mayor’s race by a landslide on Sunday, in a stinging indictment of President Recep Tayyip Erdogan’s economic policies and his refusal to accept an earlier defeat.

Imamoglu, backed by opposition parties including CHP, won 54% of the vote, and the ruling AK Party’s candidate, former Prime Minister Binali Yildirim captured 45%, according to state media.

The political upstart broadened his margin of victory to nearly 800,000 votes from 14,000 in the March 31 balloting, in a clear sign voters are concerned about the crumbling of Turkey’s democratic foundations and an economy reeling from a spike in consumer prices and unemployment.

the Bloomberg article reported. 

Subsequently, USD/TRY has dropped the June lows and has fallen just shy of the 78.6% Fibo retracement of the 2019 range.