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.
The Turkish lira is still sliding against its US peer on Tuesday, but the currency’s plunge has cooled down after Turkey’s central bank chief was axed after only four months on the job. Following the initial shock, investors — at home and abroad — are weighing the situation and deciding what is next. The continuing fallout suggests that foreign capital is fleeing Ankara.
The Turkish lira opened sharply lower today after Turkey’s President Recep Tayyip Erdogan shocked markets by unexpectedly firing central bank Governor Naci Agbal on the weekend. While the currency is attempting to recoup losses, it currently is trading far below Friday’s close.
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?
The Turkish lira extended its weakness against the US dollar in the middle of the trading week. Despite being one of the few economies to avoid a contraction during the coronavirus pandemic in 2020, the lira has been witnessing a selloff in foreign exchange markets. Inflation continues to be a significant worry for investors.
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.
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.
The Turkish lira climbed to its highest level against the US dollar since August as the currency continues to find support from optimistic foreign exchange traders. Despite the bullish performance of the lira, inflation failed to show some improvements in January, with the readings coming in higher than expected. Can the central bank keep a lid on inflation and achieve its lofty objective?
The Turkish lira strengthened against its US peer to kick off the trading week, buoyed by reports that Turkey and Greece could soon resolve Maritime boundaries. The lira found additional support on decent economic data, as well as optimistic forecasts for 2021. Can the lira keep up the momentum after a decent start to the first few weeks of the calendar year?
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.
