This has to be one of the biggest FX candlesticks of all times!
Turkish President Recep Tayyip Erdoğan on Dec. 20 announced a series of measures to encourage lira-denominated savings, easing the pressure on the Turkish currency.
In a televised speech following a Cabinet meeting, Erdoğan said the government would offer a new financial vehicle that would “alleviate" the concerns of citizens who have been buying foreign currency, fearing that returns on their lira savings are being eroded. Turkish lira deposit holders would be compensated for possible losses from the decline of the local currency, he said, but did not provide details. “From now on, our citizens won’t need to switch their deposits from Turkish lira to foreign currency, fearing that the exchange rate will be higher," Erdoğan said.
This Turkish serial is to be continued: While the government called the lira's rebound on Monday a major win on policy, economists have said Erdogan's economic program based on low-interest rates is reckless and expect inflation.
Trump was known for his Trumponomics but Erdogan has taken his Erdonomics to the NEXT level! Simply EPIC volatility and very risky decisions against the logic and his people.. not sure if I would want to trade this one.
Despite being a Greek Cypriot, i am hereby sending my regards to all Turkish friends. Wish you all a Merry Xmas and a good future close tot eh West, not against the West.
@Alex_KKK, lol! I like crypto too:) pretty predictable
FX_Professor
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@Vibranium_Capital, forex , stocks, crypto... diversify and keep an eye on allmarkets. that will help you become a better trader. (forex is a beauty by the way)
Vibranium_Capital
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@FX_Professor, yeah it guess I just did it the wrong way maybe lol, I was using extreme leverage
stocksflipper
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@Vibranium_Capital, I agree with you, and also Gold and other commodities, there is too much inside information there is no way to trade that junk!
@Vibranium_Capital, Totally true, Forex is for trading experts, especially intraday and swing trading. For us, we prefer to trade long-term moves with FX contracts or currency ETFs but the performance on FX is very limited on this type of trades.
ariftnt
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Reporting from Turkey. Poticians pumping €/$ and dumping on their own citizens when banks closed and buy/sell spreads are extremely high. Furthermore people cheering outside of streets and celebrating these events by dancing (insanity). Every person I talk say. Both increase and decrease harmed us bothways. Turkish people are bankrupt. Insider traders got rich. I should suspect when news reported "president teleconference with Elon Musk (aka:dogecoin pump and dumper.)" . Turkish lira is worse than chitcoins right now. Epic Rugpull with national currency...