Thu, March 28, 2024

Turkish Lira Stumbled in Yesterday’s Trading

Wibest – Turkish: Turkish Lira coins and bills.

Wibest – Turkish: Turkish Lira coins and bills.

The Turkish lira fell hard against the greenback in yesterday’s trading. The lira recorded the first flash crash since January 3, 2019.

The USD to TRY trading pair went up by 1.04% in yesterday’s session. The pair reached ranges between ₺5.7732 and ₺5.8495.

The greenback took advantage of the weakening lira as traders worry about the prolonged trade war between the United States and China.

Forex traders called the drop as a “flash crash,” the last flash crash of the Turkish lira was recorded at the beginning of the year.

Since January’s drop, the Turkish currency made an impressive recovery. But traders have gotten worried about its gains.

The lira wasn’t able to hold up the weight of the pressure from the trade war. The recent events in the trade war thinned the remaining optimism from traders.

Just recently, the Chinese government announced that it will retaliate with tariffs targeting $75 billion worth of US goods.

Meanwhile, on the Western side of the globe, Washington was not having it. The US President Donald Trump responded that he will impose sanctions to over $550 billion Chinese exports.

The move caused the Turkish lira to decline in yesterday’s sessions.

Other Pairs

Wibest – Turkish: Bundles of 100 Turkish lira bills.

Aside from the greenback, the lira also lost against its other trading pairs. Major Currencies such as the EUR, GBP, JPY, and CNY took advantage of the struggling currency.

The EUR to TRY trading pair rose by 0.72% or 0.0461 points in yesterday’s sessions. The pair hit levels from ₺6.4329 to ₺6.5243 in sessions.

The GBP to TRY went up by 0.76% or 0.0536 points. It soared to ranges between ₺7.0835 and ₺7.1768 in Monday’s trading.

Other major currencies in Asia also gained against the lira. The JPY/TRY trading pair 0.58% or 0.00032 points. The trading pair climbed levels from ₺0.05469 to ₺0.05556.

And the CNY/TRY pair inched up by 0.27% or 0.0022 points yesterday. The pair reached ranges between ₺0.8096 to ₺0.8220 in sessions.

YOU MAY ALSO LIKE

Dollar and Euro

Quick Look: EUR/USD rate Dips to 1.0820 during the Asian session. The US

Domino Pizza

Quick Look: Domino’s stock surges by 8.32% over the past week, hitting

Coffee

Quick Look: The coffee market consolidates amid regulations, environmental worries, and supply

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in