
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's 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.
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
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.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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