All Articles Tagged - USDTRY

Turkish lira falls apart, what can turn the tide? – Special Report

Posted on June 29, 2023 at 2:07 pm GMT

The Turkish lira has gone into freefall, losing more than 20% of its value in the last month alone. Plagued by artificially low interest rates, extremely high inflation, and a shortage of FX reserves, there isn’t much on the horizon that can change the lira’s fortunes. A short-term recovery is possible after such a dramatic fall, but the broader trend remains overwhelmingly negative. Lira breaks down It has been a devastating month for the Turkish currency. After President Erdogan emerged [..]

Daily Market Comment – Markets calm before the central bank storm

Posted on June 12, 2023 at 8:30 am GMT

Massive week begins, featuring rate decisions in US, Europe, and Japan US inflation report also on tap tomorrow, could influence Fed decision Yen hits seven-year low against pound, Turkish lira goes into freefall Calm ahead of key events A bombshell week lies ahead for global markets. Interest rate decisions in the United States, Eurozone, and Japan will almost certainly fuel volatility in every asset class, especially if the rhetoric of these central banks deviates from the prevailing market consensus. In [..]

Daily Market Comment – Biden and McCarthy agree to raise US debt ceiling

Posted on May 29, 2023 at 8:00 am GMT

Biden and McCarthy find common ground, deal ready for Congress vote Dollar takes a breather, but summer hike bets increase Turkish lira slips to new record low as Erdogan secures victory Wall Street gains, mainly driven by chip stocks Biden and McCarthy agree to suspend debt ceiling until 2025 The dollar traded lower against most of the other major currencies on Friday, and continued its retreat today, even as US President Biden and Congressional Republican McCarthy reached common ground over [..]

Daily Market Comment – Dollar back in action as Fed considers another rate hike

Posted on May 15, 2023 at 8:58 am GMT

Dollar comes back to life after Michigan data and hawkish Fed remarks Rising yields inflict damage on Japanese yen, but gold finds dip buyers Demand concerns haunt oil prices, Turkish lira sinks after elections Dollar reawakens After getting battered and bruised for several months now, the US dollar might be on the cusp of a comeback. The greenback staged a furious recovery last week, drawing fuel from its safe-haven qualities as risk sentiment turned sour and from some survey data [..]

Week Ahead – Focus on US retail sales as debt ceiling drama rumbles on

Posted on May 12, 2023 at 10:25 am GMT

With no central bank decisions on the menu next week, investors will turn to data releases. Top of the list is the US retail sales report, which will help shape expectations about the Fed’s rate path, driving the dollar accordingly. There is also an onslaught of economic data from most major economies to keep traders busy, alongside an election in Turkey and the ongoing drama around the US debt ceiling. Can the dollar shake off the blues? It’s been a [..]

US Open Note – Stocks return to green zone as covid fears wane

Posted on December 21, 2021 at 2:06 pm GMT

Risk-on appetite returns but covid headache to be continued Omicron fears took a back seat on Tuesday, letting global stock indices, risk-sensitive currencies, and energy prices recoup some lost ground. Of course, the pandemic will remain the key driver for market sentiment for longer, at least into the new year, navigating inflation pressures, and therefore, monetary tightening plans accordingly. But for now the recent bearish correction is reminiscent of the short-lived downfall, which stock markets faced in the same period [..]

Daily Market Comment – Nerves calm down but risks still loom

Posted on December 21, 2021 at 9:57 am GMT

Mood improves, helped by signs that Biden’s fiscal agenda isn’t dead Dollar pulls back, sterling recovers in a relatively quiet FX market Stocks and oil prices bounce back, Turkish lira stages epic comeback Risk sentiment stabilizes Global markets started the week on a soft note amid worries that the lightning-fast spread of Omicron would curtail economic growth at a time when central bank liquidity is evaporating and government spending is being rolled back. Thin trading volumes because of the holiday [..]

US Open Note – Stocks go downhill as omicron bears bite; dollar, euro resilient

Posted on December 20, 2021 at 2:23 pm GMT

Omicron plays with investors’ nerves as stimulus vanishes Stock markets were in a sea of red during mid-European trading hours as omicron concerns and tighter curbs in Europe reminded investors that the pandemic is far from over and Covid could still swamp global demand after two years of limbo. The pan-European STOXX 600 and the British FTSE 100 index followed their Asian counterparts deeply lower, with energy shares, basic materials, and consumer cyclicals driving the bulk of losses, plunging by [..]

US Open – Fed struck a more hawkish tone; BoE raises interest rates

Posted on December 16, 2021 at 2:02 pm GMT

Fed catches up with inflation; BoE raises interest rates On Wednesday, the Fed struck a more hawkish tone, doubling its tapering pace and signaling three rate hikes for 2022. However, the US dollar quickly erased early gains closing the day in red and only managing to outperform the Japanese yen. On Thursday, the 10-year US treasury yield ticked higher, while the US dollar fell against a basket of currencies, mirroring traders’ shift to riskier assets. Meanwhile, the BoE announced on Thursday [..]

Technical Analysis – USDTRY heads to record highs; broad bullish dynamics fizzle out

Posted on December 14, 2021 at 10:47 am GMT

USDTRY has been rising exponentially for almost a month amid the inflation storm in Turkey, with the pair recently topping its rally at a new record high of 14.60. Currently, there is little evidence to argue that the bullish trend in the four-hour chart could collapse in the near term. The price is gaining fresh momentum after setting another strong foothold around the 50-period simple moving average (SMA), helping the RSI to bounce on its 50 neutral mark and the [..]

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