The rhetoric in XU100 is irrespective of valuations in the last week or so.
Turkish investors have been taking profits and allocating towards USD. This is totally a psychological issue, locals see the USDTRL as an actual investment vehicle, rather than a currency pair. This week the USDTRL pair saw lows of 5.50, this insinuated a sell signal for stock (along with some savings accounts).
Currently, locals prefer a long USDTRL position over holding common stock.
Hence there could be a downtrend in XU100 in th short-term due to this phenomenon.
Turkish investors have been taking profits and allocating towards USD. This is totally a psychological issue, locals see the USDTRL as an actual investment vehicle, rather than a currency pair. This week the USDTRL pair saw lows of 5.50, this insinuated a sell signal for stock (along with some savings accounts).
Currently, locals prefer a long USDTRL position over holding common stock.
Hence there could be a downtrend in XU100 in th short-term due to this phenomenon.