The panic is light. In the Turkish markets, the beginning of the coming week may bring less relief. Although at this moment it seems to be quite temporary. The exchange rate of TUR has built up a full three wave structure decline. He is currently trying to construct an ABC correction wave structure. This ABC correction wave structure can bring a few days of relaxation.
Thanks to yet another iron hand plastic brain incompetent leader the once great power did it. They are now heading for the club of third world countries :) Be careful who you vote for. The best of the best is "boring". "I will change everything" "I am strong willed" has not worked in 100.000 years yet "people" still fall for it XD We are going to have to bail...
TRY continues falling aganist USD due to Turkey’s financial meltdown. www.bloomberg.com
This is really contagious. After the news about Turkish banks’ swap, the panic spilled over to other EM pairs. USDZAR traded up to 15.70. USDMXN rose to 19.35. This panic has caught attention of some Asian central banks.
Banks are leverage plays on the global economy. Anytime there's a sniff of contagion they will be weak. @rwbaird $JPM $BAC $WFC $DB etc. --- #Turkey #Lira
For some days, global markets have noted the Turkish lira’s plunge with more curiosity than concern, seemingly viewing it as Turkey’s problem and no one else’s. That seems to have changed. @seandcallow #Turkey #Lira #Erdogan $USDTRY
Erdogan speaking publicly for the first time since the TRY rout started (years ago). His comments are not being appreciated by the markets. Quite a closed mind it seems, and an aggressive posture against the international community. This will only exacerbate capital flight from Turkey.
When we look at the chart with the emergency states we can see that the rally started after this. Maybe with end of it. This can rally to 50 week Moving Average.. Lets watch carefully this fundemental analys. Good Luck..
Erdogan is bad news for the TRY. There is a total loss of confidence in government and the spectre of hyperinflation is looming. If you can't stand the volatility of the pair, stand down. There is no real resolution in sight.
Exotic currency to watch for ---> South African rand USDSAR, Mexican Peso USDMXN and Turkish lira USDTRY TRY is heading the record highs following shaky political situation in Turkey. President of Turkey is expected to put pressure on Central Bank and supply cheap USD to let sinking TRY breathe! Long term bullish on USDTRY but we might see a retrace from higher...
These custom support resistance indicator lines show decent places to enter or exit. The Blue indicator line serves as a Bullish Trend setter. If your instrument closes above the Blue line, we think about going Long. If your instrument closes below the Red line, we think about Shorting. For Stocks, I prefer to use the Yellow line as my Bearish Trend setter...
As a pure zinc producer in Turkey, Pasinex benefits from the devaluation of the Turkish lira since it accounts for approximately 80% of the cost in lira, but 100% of the sales are generated in US $. In addition, the price of zinc has steadily increased in recent years, so the earnings situation has also steadily improved. The 50% share of the Turkish joint venture...
Technicals nicely lining up . 4.70-4.90 selling pressure expected, with aim down towards 4.45, potentially down to 4.20.
The Fundamentals: Recently the Turkish Lira has been taking a beating in part to President Recep Tayipp Erdogan saying he would take more control of monetary policy if he wins the June 24th election. In an effort to stymie the Lira's depreciation, last Wednesday the Turkish Central bank raised the lending rate from 13.5% to 16.5%. As a result, I attached a...