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Tag: Turkey

OANDA Market Insights podcast (episode 31)

OANDA Senior Market Analysts Craig Erlam reviews the week’s business and market news with Jazz FM Business Breakfast presenter Jonny Hart. This week’s big stories: Turkey rates rocket, Sterling up on Brexit hopes, Carney house price warning, Beijing welcomes trade talks offer. Trade Tensions Return as US Tariffs on China Lift Dollar Posted 2 minutes […]

Prospect of Sino-US talks lifts markets

China open to US invitation for trade talks It’s been a more positive start to trading on Friday, with talks of new Sino-US trade talks potentially helping to lift risk appetite among investors. Stocks in Asia ended the week on a high, with major indices recording gains of around 1% and those in Europe up […]

Turkish central bank aggressively hikes rates

The Central Bank of Turkey increased its benchmark interest rate on Thursday to 24 percent, a hike of 625 basis points from the previous rate of 17.75 percent. The Turkish lira jumped more than 5 percent on the news, firming to around 6.1 against the dollar. The move, which exceeded market expectations of an increase of between […]

CBRT takes the focus off BoE and ECB meetings

Turkish central bank needs aggressive hike to settle investors Markets are trading relatively flat ahead of a slew of central bank meetings on Thursday, with the BoE, ECB and CBRT all scheduled to make interest rate decisions. While the Bank of England and European Central Bank would typically steal the spotlight, it’s actually the Central […]

TRY weakens as CBRT meeting approaches

The Turkish lira weakened slightly on Tuesday as investors weighed up expectations for this week’s central bank meeting, where the monetary policy committee is expected to raise interest rates. TRY has lost more than 40 percent of its value this year due to concerns over President Tayyip Erdogan’s grip on monetary policy and, more recently, […]

USD/ZAR touches two year high on Turkey contagion

Turkey attempts to calm markets USD/TRY retreated from record highs above 7.00 struck early in today’s trading as markets took notice of comments from Turkish authorities on Sunday that they have drafted a stability plan. Turkey’s central bank said it had lowered reserve requirement ratios for banks to free up liquidity and assured markets that […]

Euro touches lowest in more than a year as Turkey effect continues

Turkey says it has an action plan The EUR touched a 13-month low versus the US dollar as trading got underway this week, with markets preparing for more turmoil involving the Turkish lira. The seemingly unstoppable downward spiral in Turkey’s currency and economy is raising concerns about European banks’ exposures to the country helped spark […]

OANDA Market Insights podcast (episode 27)

OANDA Senior Market Analyst Alfonso Esparza reviews the week’s business and market news with Jazz FM Business Breakfast presenter Jonny Hart. This week’s biggest stories: US sanctions against Iran, Turkish lira collapse after steel sanctions and market reaction to UK GDP data Big revisions offset July miss on payrolls Another strong US jobs report expected […]

USD/CAD Canadian Dollar Lower on Contagion Fears

Canadian Jobs Impress but Loonie Lower on Global Contagion Fears The Canadian dollar is lower on Friday. The USD/CAD is trading at 1.3083. Statistics Canada released a stronger than expected employment report with a huge gain of 54,100 jobs driving the unemployment rate down to 5.8 percent in July. The loonie failed to gain momentum […]

Edogan sworn in with increased powers

Recep Tayyip Erdogan will cap his years-long drive to transform Turkey’s government on Monday as he’s sworn in as an executive president with vastly expanded powers. Erdogan, modern Turkey’s longest-serving ruler, will be sworn in at parliament late in the afternoon. In the evening, he’ll mark the inauguration of the presidential system at a grand […]