New Turkish Central Bank Governor has come in guns blazing
Pedal to the metal
It looks like the new Governor to the Turkish Central Bank has put his foot on the gas to stop the Turkish Lira from falling.
Let's hope he doesn't run out of gas any time soon.
I hope so, but looking at the technical picture all he has done this morning is push the rate of the EURTRY back to previous support and back to the mean of the up trend.
Selling Gold?
How much more Gold will they need to sell to change the trend?
And is there any amount of Gold that can change the trend at all.
Serious stuff
It would be interesting to watch, if it was not for the 80 million Turkish livelihoods that depend on the outcome. This is serious stuff. Best case scenario will be that the trend will turn at the cost of selling some Gold reserves. Worst case scenario is that the trend will continue and that Gold reserves will be depleted. This could lead to massive inflation and poverty. I sincerly hope it doesn't come that far.
It looks like the new Governor to the Turkish Central Bank has put his foot on the gas to stop the Turkish Lira from falling.
Let's hope he doesn't run out of gas any time soon.
I hope so, but looking at the technical picture all he has done this morning is push the rate of the EURTRY back to previous support and back to the mean of the up trend.
Selling Gold?
How much more Gold will they need to sell to change the trend?
And is there any amount of Gold that can change the trend at all.
Serious stuff
It would be interesting to watch, if it was not for the 80 million Turkish livelihoods that depend on the outcome. This is serious stuff. Best case scenario will be that the trend will turn at the cost of selling some Gold reserves. Worst case scenario is that the trend will continue and that Gold reserves will be depleted. This could lead to massive inflation and poverty. I sincerly hope it doesn't come that far.