Weekly Forex Outlook: September 17-21
In this video we’ll go through the key topics for Forex trading. You will learn what’s happening to the major currencies and get ready for trading during the new week.
The insights into exotic pairs: the TRY
A new round of US sanctions applied on Iranian financial activities and oil supply on November 5 did not affect Turkey – the closest Iranian partner. The reason for it lies in a special exemption made by White House to allow Turkey to continue purchasing Iranian oil. As a result, the Turkish lira was supported at the beginning of November, however, the overall economic situation for Turkey is affecting the Turkish currency negatively. The level of consumer inflation released on November 5 hit 25% - the highest level in 15 years. That is why the finance minister Berat Albayrak announced a consumer tax cut, which was assessed as “credit negative” by Moody’s.
For now, USD is trading against lira near the 5.4177 Pivot with a very low trade volume. The future direction of the pair depends on the further measures applied by the Turkish government. The strong USD will push the pair towards the resistance at 5.55. However, if lira is supported, the pair will cross the support at 5.4177. We recommend you to follow the release of Turkish retail sales on November 19.
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