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Turkish Lira Extends Slide As Investors Brace for April Policy Meeting

The Turkish lira weakened against the US dollar and the euro to kick off the trading week, flirting with 8.19 and 9.65, respectively. Despite piling onto its losses from the last week, the lira’s descent appears to have somewhat eased. Foreign investors have seemingly lost a lot of confidence in Ankara, but the leadership is urging everyone to calm down and adopt a wait-and-see approach.

Turkish Lira Extends Winning Streak After Rate Hike to Fight Inflation

The Turkish lira extended its winning streak to two on Friday, buoyed by the central bank raising interest rates more than what the market had anticipated. The lira had been struggling over the last month following its incredible that started in November. Now that Turkey has shown its willingness to tighten monetary policy, could the lira break below 7 against the US dollar?

USD/ZAR Falls 1% on South Africa’s Better-than-Expected Q4 GDP

The South African rand surged against its US counterpart on Tuesday as emerging market currencies benefited from renewed optimism in the global economic recovery and financial markets. But macroeconomic data painted a mixed picture of South Africa’s economy: 2020 was awful, but the fourth quarter was terrific. Are foreign exchange markets still bullish?

USD/INR Rises Despite India’s Economy Exiting a Technical Recession

The Indian rupee joined the selloff in the broader emerging market currencies, testing 74.00 against its US peer at the end of the trading week. Although India has exited a technical recession, the rupee has slumped in the first two months of the calendar year, with investors continuing to pour into conventional safe-haven assets, such as the greenback and the Swiss franc.

Turkish Lira Weakens Past 7 Despite Growth Upgrades, Policy Normalization

The Turkish lira weakened against its US peer to kick off the trading week, despite several growth updates from major financial institutions and the continuation of policy normalization. Since November, the lira has strengthened about 25%, but the USD/TRY currency pair has hit the pause button as the new policymakers defended the actions of their predecessors.

USD/TRY Flat Amid Strong Factory Activity, Lira Posts Weekly Gain

The Turkish Lira flatlined against its US peer to finish the trading week as disappointing economic data put the brakes on the currency’s rally. But the lira is still poised for a weekly boost against the greenback, with foreign exchange markets remaining bullish on one of last year’s worst-performing currencies. With the central bank putting forward a more consistent and orthodox monetary policy, investors are optimistic about the lira’s future.

Chinese Yuan Rises As PBoC Injects Liquidity Ahead of Lunar New Year Holiday

The Chinese yuan is recording a modest gain against its US peer to start the trading week. The yuan is finding support on larger-than-expected foreign exchange reserves, as well as the central bank injecting more liquidity into the financial system. The yuan has maintained its bull run from 2020 as the currency could break below 6.45 against the greenback amid its year-to-date 1% rally.

Chinese Yuan Flat Amid Disappointing PMIs, PBoC FX Intervention

The Chinese yuan was trading relatively flat against its US peer in the middle of the first trading week of 2021. The yuan, which has been on a tear over the last nine months, broke through the 6.5 resistance level earlier this week as the currency continues its impressive appreciation. But disappointing economic data and foreign exchange intervention may slow down the yuan’s surge.

Turkish Lira Strengthens As Central Bank Raises Interest Rates Again

The Turkish lira recorded a massive gain against the US dollar on Christmas Eve, driven by the central bank tightening monetary policy and raising interest rates again in its final policy meeting of 2020. Over the last two months, the lira has significantly rebounded after falling to fresh all-time lows. And, according to the early forecasts, the lira could strengthen even more heading into 2021.

USD/TRY Tests 7.9 as US Sanctions Outweigh Positive Economic Data

The Turkish lira is weakening against the US dollar to kick off the trading week. The lira is coming under pressure after the US government slapped sanctions on Turkey over its purchase of Russian S-400 missiles. The economic and geopolitical fallout over sanctions triggered consternation in foreign exchange markets that positive economic data were not enough to support the lira.

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