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.
USD/TRY: what next?
As Turkey made a purchase of the Russian missile system earlier this year, the US has threatened to sanction it, seeing that act as something incompatible with NATO membership. In response, on Monday the Turkish president Mr. Erdogan made it clear that the NATO military bases in Turkey may be closed if the US proceeds with the sanctions. Consequently, during the last three days, the Turkish lira has been depreciating against the US dollar in view of the unfolding complications around Turkey.
On the H4, USD/TRY rose to the level of 5.90, which is an inch away from the October high of 5.92. Although the price made a stop at this resistance, there has not been any other news after Mr. Erdogan’s comment to soften the pressure on the Turkish lira. In fact, there has not been any news at all that could shift the market away from a grim economic outlook for Turkish lira at this moment. For this reason, even if it seems unlikely to see USD/TRY climbing further up right now, there is nothing to convince the market otherwise.
United States Institute for Supply Management (ISM) will release services Purchasing Managers' Index (PMI) on October 5, 17:00 GMT+3.
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).