USD/TRY belongs to the exotic group of Forex currency pairs, that’s why traders don’t trade it regularly. However, these days this pair is in the focus of all the trading community!
The big stategic picture remains bullish for euro against all currencies
2020-12-04 • Updated
Ichimoku Kinko Hyo
USD/JPY: The pair is trading below the cloud. Further bearish pressure will lead the currency pair to retest the previous lows.
XAG/USD: Silver consolidates above 61.8% retracement area. Buyers have returned.
European Market View
Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.
Looking ahead, highlights from macroeconomic calendar include EZ Construction PMI, US and Canadian Labour Market reports, US Durable Goods (R), Baker Hughes Rig Count, BoE's Saunders, Tenreyro, Fed's Evans, Bowman and Kashkari speeches.
In commodities, oil prices got an additional lift after OPEC and Russia agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day (bpd) even as they failed to find a compromise on a broader and longer term policy.
The United States topped 14 million known COVID-19 infections with over 100,000 patients hospitalized for the first time. California imposed stay-at-home orders to take effect when intensive care units approach capacity in the coming days.
EU Key Point
- France's Beaune supports that Europe would veto any Brexit deal that is deemed unsatisfactory
- Germany October factory orders +2.9% vs +1.5% m/m expected
- Germany reports 23,449 new coronavirus cases in latest update today
- Biden says coronavirus economic aid bill should be passed; he will ask for more once in office
On October 28 European Central Bank held a press conference. Inflation has hit Europe and now the time has come for more profound steps in the fight with the post-pandemic economy. What should we know to trade these events?
The Turkish lira has been pressed by Turkey’s central bank (CBRT). Analysts believe USD/TRY will reach 10.00 by the year's end.
Are you searching for trade opportunities for December 6-10? Here you go!
Both omicron and Powell’s comments increased volatility in EUR/USD. What to expect further?
There has been extreme depreciation in TRY assets recently…