ONLINE FOREX BROKER
Turkey is making its way towards another currency downtime, with the Turkish lira diving to its lowest value for almost a year after Turkey’s election authorities canceled the recent municipal election outcomes for Istanbul.
The decision provoked immediate street riots in Turkey’s largest city against the cabinet of President Recep Tayyip Erdogan, and pushed the evergreen buck to 6.1976 lira in early trade on Tuesday. It appears to be the highest value since last September, when soaring dollar interest rates along with a heavy foreign debt repayment schedule threatened to heavily impact Turkey’s banking system.
The major bank had to have interest rates raised steeply to defend the Turkish lira at the time, while the economic hardship since then made a contribution to Erdogan’s AK party losing control of the country’s three key cities in elections in March. What’s more, his critics currently accuse him of utilizing the state machinery to have a legitimate election overturned.
As a matter of fact, the Turkish lira headed south by 2% reacting to the news and has slumped by 1.5% since then. Turkey’s currency was at 6.1707 versus the evergreen buck. For the year, it has rallied by 16.3% against the greenback. The given outcome makes it the worst performing asset of all G-20 currencies, excluding the Argentine peso.
In addition to this, the Australian dollar rebounded steeply after the country’s major bank left its cash rate at 1.5%, thus disappointing many investors who had anticipated a rate cut.
Gauging the greenback’s purchasing potential versus its main peers the USD index hit 97.155, sliding by 0.1%.
Traders are still uncertain what follows from the American decision – whether the US would slap extra duties on Chinese goods or not.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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