Free Forex trading signals

Without a lot of learning, buying useless indicators and losing robots.

FAST ENTRY




Turkey in focus as Lira clampdown hits EM currencies

28th March 2019 Off By binary
Turkey in focus as Lira clampdown hits EM currencies

Article by ForexTime

A storm is brewing across Turkey’s financial markets as the nation desperately struggles to contain another Lira crisis.

Turkish authorities have taken unprecedented measures to prevent Lira volatility by withholding liquidity, with the swap rate rocketing to 1200% on Wednesday. The extremely high borrowing cost makes it almost impossible for foreign investors to sell the Lira just days before the local elections commence. However, when liquidity eventually returns the Turkish Lira is likely to find itself exposed to severe downside shocks.

The absence of liquidity is impacting the USDTRY with prices trading marginally below 5.400 as of writing. In regards to the technical picture, prices are looking bearish on the daily charts with sustained weakness below 5.400 opening a path towards 5.240.

USDZAR breaks above 14.60 

The currency crunch in Turkey has spooked investors with an appetite for emerging market currencies. Buying sentiment towards the Rand deteriorated today as reflected in the USDZAR. The technical picture suggests further upside with a daily close above 14.600 opening a path higher towards 14.658 and possibly higher.

USDMXN eyes 19.40

The USDMXN jumped considerably today with prices hitting a daily high of 19.37. Prices have scope to push higher if bulls are able to secure a daily close above 19.40.

 

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Read more and Click Here To Get Started