Don’t waste your time – keep track of how NFP affects the US dollar!
Beginner Forex book will guide you through the world of trading.
We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.
Warning! Old version of the browser!
Press one of the icons below to proceed to the official website of the developer and download the latest version of your browser.
Online Forex broker
Information is not investment advice
USD/TRY continues moving upwards after breaking the all-time high of 7.50. Does it have more room to keep rallying? Let’s find out.
The credit rating agency Moody downgraded Turkey’s debt rating to junk. Besides, Moody gave a considerably negative prognosis on the Turkish lira itself and cautioned about the risk of crisis in the country’s balance of payments, which in turn will negatively impact the currency.
However, it’s not all about Turkey in this case as most emerging currencies are loosening this time against the US dollar amid the overall risk-off sentiment on the market. The market sentiment deteriorated after the Fed’s comment on the uncertain economic recovery ahead. As a result, safe-haven currencies such as the US dollar and the Japanese yen were pushed to the upside, while riskier assets were pressed down.
Nevertheless, the Minister of Trade for Turkey, emphasized that Turkey’s economy managed to outrun its peers amid the global pandemic in terms of exports. The Turkish output turned out $12.4 billion in August despite problems with international trade such as difficulties with logistics, border crossing and reduced demand. Anyway, the pair will mainly be driven by the USD’s performance and the overall market sentiment.
USD/TRY has been stuck between two trendlines since the beginning of August. Today, it has finally broken down the upper trendline and surged to the fresh highs above7.50. The move above the next round number at 7.55 will drive the pair to the key psychological mark of 7.60. In the opposite scenario, if it falls below yesterday’s low of 7.48, the way towards the support of 7.45 will be clear.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
The US Federal Reserve may refrain from more aggressive interest rate hikes in March due to geopolitical risks after Russia's special operation in Ukraine…
Hello from the far 2022! FBS analysts have used some magic to travel to the future and brought you some hilarious predictions.
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
The stock market has reversed, and now it’s going lower and lower…
Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?
Your request is accepted.
We will call you at the time interval that you chose
Next callback request for this phone number will be available in 00:30:00
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
