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.

Similar

Weekly Forex Outlook: September 17-21
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.

Latest news

FOMC Meeting, Gold Plunge, and Pound Decrease | Market News
FOMC Meeting, Gold Plunge, and Pound Decrease | Market News

Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera