Analytical / Navigation Cookies. Why the Turkish lira is in free fall ... policy out of concern the economy might overheat at the end of 2019. Turkey is seeking to revive its vital $35 billion tourism industry, which has been hit hard by the coronavirus pandemic.

Technical analysts, who base forecasts purely on price movements, forecast that the lira will again hit a record 7.4 level against the dollar, but will hit resistance around that level in the short-term. Data is a real-time snapshot *Data is delayed at least 15 minutes. These are essential in order to enable you to use certain features of the website, such as submitting forms on the website. We will be focused on the big picture, knowing we can always go back & blast!”, Aside from the August 25 rally in spot USDTRY, which printed an incredibly long bearish wick, the emerging market currency pair is now on pace for biggest intraday rally since March 28. Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. British Pound Latest (GBP) - Boris Johnson & Von Der Leyen to Meet, Make or Break for Brexit? The ISE National 100, Turkey's main stock index, dropped nearly 1%. The iShares MSCI Turkey ETF (TUR) was on track for its worst day since June 13. FTSE 100: -0.92% Police looking for perpetrator after soldier stabbed in…, Drugs suspect attacked officer during arrest, Police investigate attempted murder after stabbing in Polis, Our View: Cyprus should withdraw its quid pro…, Our View: Government should be looking to cut…, Our View: New consensus building could prove to…, Our View: With unions running the show state…, ‘Music is not a crime’: U.N. experts urge…, South African defence minister’s pay docked over use…, AstraZeneca resumes Covid-19 vaccine trials, Roadside bomb attack misses Afghan vice president, but…, UEFA to allow partial return of fans where…, Late penalty gives Liberec win over unlucky Apoel, Ronaldo-Messi face off in new Champions League season, Guardiola happy with response from Manchester City, Marcia Thrasyvoulou| Trendsetter evokes simplicity without being too…, Maison Anna Dorothea | Maturing in the fashion…, European Medical Agency speeds up assessment of Covid…, Minister calls for end to trials by media…, World’s first patient cured of HIV dies after…, Health care providers to be fined for issuing…, Europa Donna concerned over drug shortage for breast…, Driver of jet ski hands himself in to police (update 2), Coronavirus: Larnaca restaurant owner fined €8,000, Euro zone inflation at a four-year low, raising pressure on ECB, City of London will have “less fluid” trade with EU, Financial services firms seek Post-Brexit solution in Cyprus, Amazon reports over 19,000, or 1.44%, of U.S. frontline employees had COVID-19, Turkey’s Halkbank must face U.S. indictment over Iran sanctions violations, Kizilyurek calls for monument to Turkish Cypriots killed in Tochni. Will Trade Wars Persist After the US Election? Our guide explores the most traded commodities worldwide and how to start trading them. Previous: 0.4% The iShares MSCI Turkey ETF (TUR) slid 2.3%, on track for its worst day since June 13. On September 28 the Turkish national currency has registered a historic record drop, as it weakened 1% against the dollar, equaling to 7.79. By continuing to use this website, you agree to our use of cookies.You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. USD Surges, S&P 500 Futures Sink as President Trump Tests Positive For Covid-19, FTSE 100 Technical Outlook – Channel Support at Risk of Breaking Soon, Canadian Dollar Outlook: USD/CAD Pullback to Offer Opportunity, US Dollar Struggling Again? "This has strained Erdogan's patience and frustrated his desire to see economic activity re-accelerating as soon as possible. USD/ZAR: Rand Slips After President Trump Tests Positive for COVID-19, Indian Rupee, Nifty 50 at Risk to a US Stimulus Setback After RBI Delay, FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). Expected: 0.5% Turkey’s stocks and currency dropped on Monday as investors ditched Turkish assets after the country’s central bank governor was ousted by President Recep Tayyip Erdogan. Data released last week also showed consumer spending fell in June to its lowest level in a year. Chart created by @RichDvorakFX with TradingView. Google Analytics is Google’s analytics tool that helps our website to understand how visitors engage with their properties. The plummeting of the Turkish lira could help Turkey's tourism, Travel Daily News website said on Wednesday, citing travel and tourism analyst John Vandesquille. #SP500 futures -1.82% $ES For more information, check out our Emerging Markets Crisis Monitor – Seven Factors Traders Should Watch. Oil - US Crude: -4.34% Emerging Markets Crisis Monitor – Seven Factors Traders Should Watch. Gold Price Forecast: XAU/USD Climbs to Resistance, Will it Rally? The Turkish lira jumped briefly ahead of the announcement as Erdogan had broadcast it as a “historic change” for Turkey’s sagging economy. We use cookies for a variety of reasons detailed below. Gold Price Forecast: RSI to Indicate Waning Bearish Momentum. "In a nutshell, it does seem to us like a perfect storm is in the making for Turkey and Turkish assets, which could spill over into other markets as well," Maggio said. Hopefully the above information has clarified things for you. Tension between Turkey and the United States is back in the spotlight and putting pressure on the Turkish Lira. In some special cases we also use cookies provided by trusted third parties. Be aware that disabling cookies may affect the functionality of this and many other websites that you visit. President of Turkey, Recep Tayyip Erdogan (R) and Governor of Turkish Central Bank, Murat Cetinkaya (L) shake each other's hands ahead of their meeting, at Presidential Complex, in Ankara, Turkey on May 5, 2016. Year 2019 Euro/Turkish lira (EUR/TRY) rates history, splited by months, charts for the whole year and every month, exchange rates for any day of the year. By using our website, you agree to the use of cookies and similar technologies. The lira is down 19 per cent this year against the basket of major currencies, and is among the world’s worst performers after the selloff began in late July. The government-controlled Turkish news agency Anadolu Ajansi reported that the central bank was considering cutting interest rates based on the importance of the Black Sea find. The decree did not specify why Cetinkaya was fired, but speculation of his removal had been rising given his reluctance to cut interest rates at Erdogan's behest. Yasin Bulbul | Anadolu Agency | Getty Images. These cookies may track things such as how long you spend on the site and the pages that you visit so that we can continue to produce engaging content. We use a range of cookies to give you the best possible browsing experience. A close above the 5.85 price level – underpinned by the currency pair’s mid-point retracement of its year-to-date trading range – could confirm the recent rally in the, Remarks from US Senator Lindsey Graham noted that the US will seek sanctions against Turkey if Erdogan moves forward with invading Syria. Note: Low and High figures are for the trading day. https://www.dailyfx.com/economic-calendar#2020-10-02, Trump threatens to “obliterate the economy of Turkey” amid latest Middle East conflict, As Monday trade was underway, President Trump tweeted out, that “I will totally destroy and obliterate the economy of turkey” if POTUS finds Turkey or Erdogan doing “anything considered to be off limits.”, “the endless and ridiculous wars are ending! If you disable this cookie, we will not be able to save your preferences. Correspondingly, the thesis holds that the generally positive correlation between USDTRY & BTCUSD is driven by capital flows out of emerging market currencies (like the Turkish Lira) into less regulated crypto-currencies such as bitcoin.

Remarks from US Senator Lindsey Graham noted that the US will seek sanctions against Turkey if Erdogan moves forward with invading Syria. -- Written by Rich Dvorak, Junior Analyst for DailyFX.com, Connect with @RichDvorakFX on Twitter for real-time market insight. It may use a set of cookies to collect information and report website usage statistics without personally identifying individual visitors to Google. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. All Right Reserved. Over the past year, the currency is down more than 25% against the dollar. A close above the 5.85 price level – underpinned by the currency pair’s mid-point retracement of its year-to-date trading range – could confirm the recent rally in the US Dollar against the Turkish Lira and lead to further upside in spot USDTRY. The latest development came subsequent to a phone call between Trump and Turkish President Erdogan, which resulted in a collapse of the ongoing effort to broker peace between US allies in Turkey and Northern Syria. —CNBC's Michael Bloom contributed to this report. The Borsa Istanbul 100 index fell as much as 1.8 per cent on the news, while shares in energy companies including refiner Tupras, Aksa Enerji and Aygaz dropped sharply after the announcement. Source: free currency rates (FCR) #Nasdaq futures -2.35% $NQ DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. In response to news that Turkey is moving forward with a military offensive in Northern Syria, US President Trump began withdrawing American troops from the area early Monday. NZD: -0.35% For more information on Google Analytics cookies, see the official Google Analytics page. In response to news that Turkey is moving forward with a … JPY: 0.37% These cookies enable the site to function correctly and are used to gather information about how visitors use the site. USD/SGD, USD/MYR, USD/PHP, USD/IDR.

Inflation sits above 17%, well above its 10.3% rate in early 2018. Ekrem Imamoglu won Istanbul's re-run mayoral election last month in one of the biggest blows to Erdogan in his 16 years in power. A Division of NBCUniversal. View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ozgzNrD0Vt, #VIX looks set to spike back above 30 as US futures continue to spiral lower during the European session

US Dollar Bounces Off Support Amid Key Economic Data Releases. Meanwhile, Erdogan's stronghold over Turkey took a massive hit recently after an opposition party candidate became the new mayor of Istanbul. "In a nutshell, it does seem to us like a perfect storm is in the making for Turkey and Turkish assets, which could spill over into other markets as well," says a TD Securities strategist. Turkey's one-week repo rate sits at 24%, up from 8% in March of 2018. In the long term, these analysts see the lira reaching well past eight to the dollar, 9 to the euro and 10 to the British pound. Find out more about the major currency pairs and what impacts price movements. This means that every time you visit this website you will need to enable or disable cookies again.

The lira is expected to continue its slide against the dollar and the euro despite the announcement of a major Black Sea gas deposit discovery by Turkish President Recep Tayyip Erdogan on Friday. Registered Address: 32 Old Slip, Suite 803; New York, NY 10005. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.