Russia plays economic game via imposing sanctions to hamper TRY

FX:USDTRY   U.S. Dollar / Turkish Lira
212 0 3
We had already alerted pressures on TRY's in last week as a result of Turkish military confrontation evidenced Turkish forces shoot down a Russian fighter jet (no other country had done this before in last 60-65 years).

This potentially leads to diplomatic escalation involving entire NATO that comprises of all North Atlantic 28 nations including U.S.

Recent developments: On the flip side, Russia will never desist this incident lightly. A decree has also been signed by Russian president Putin covers all imports from Turkey.

The decree also calls for an end to charter flights between the countries.

Russia has been a second largest trading partner of Turkey, while more than three million Russian tourists visited Turkey last year.

The decree has also advocated Russian tour operators to refrain from selling packages to Turkey, while Turkey's Foreign Ministry has warned its citizens             against non-essential travel to Russia until the troublesome situation gets calm down.

What is adding extra pressure on Turkey: In addition to that the market's concerns about President Erdogan taking in charge over policymaking was certain through the proposal of the new cabinet yesterday, which left out ex-head of economic policy, Mr Ali             Babacan (who held high credibility among foreign investors for his 'balanced' and centrist stance).

As a result, we've observed that Turkish lira is going to be under deep pressure overturning recent rallies.

The USDTRY             has actually entered a new zone of bullish set up after military conflict between Turkey and Russia.

Since September-2015, we've been firmly bullish that is articulated in our every post about USD/TRY             . Hence, our advise is to stay cautious about TRY's further depreciation.

Refer below link for our last week's recommendation, those who followed the strategy would have safely positioned by hedging:

English (UK)
English (IN)
Bahasa Indonesia
Bahasa Melayu
Tiếng Việt
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out