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Day: August 13, 2018
August 132018
Pound Languishes on Monday, Waiting for Key Economic Releases
The Great Britain pound behaved similarly to the euro today, opening sharply lower but recovering a bit later. And similarly to the euro, the currency was waiting for macroeconomic releases over the rest of the week as the Monday’s economic calendar was empty. Besides the Turkish crisis, which was affecting the whole Forex market, the sterling has its own negative factor in the form of Brexit concerns. It looked like chances for “no-deal Brexit” continued to increase […]
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August 132018
Chinese Yuan weakens on Lira Crisis, Rallying Stocks
The Chinese yuan is weakening on Monday, hurt by the Turkish lira crisis and a rallying stock market. Investors have also combed through recent remarks by the Peopleâs Bank of China (PBOC) about refusing to use the currency as a tool in its trade dispute with the US. Despite the domestic traders overreacting to start the trading week, sending the Shanghai Composite Index tumbling 1.9%, the index pared most of its losses, trading down just 0.3%. […]
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August 132018
Euro Bounces from Lows, Waits for Economic Data
The euro bounced today after opening sharply lower due to the financial crisis in Turkey. The current trading session was light on other events, including economic releases, but tomorrow’s session will be different, with plenty of macroeconomic data from the eurozone. Turkey’s crisis rattled all the markets, but European ones especially. European banks have strong exposure to Turkish assets, making them especially vulnerable. Tomorrow, there […]
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August 132018
South African Rand Touches Lowest Level in Two Years
The South African rand touched the lowest level in two years against the US dollar today amid fears that the Turkish financial crisis will spread to financial systems of other countries. Riskier currencies of emerging markets, the rand being among them, were soft today due to risk aversion on the Forex market. Turkey’s central bank attempted to assuage investors’ fears. While it managed to pause the free fall of the Turkish lira, […]
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August 132018
Turkish Lira Pulls Back from Record Low After Central Bank Announcements
The Turkish lira recovered a bit today after touching a new record low overnight. The nation’s central bank attempted to support the currency, making couple announcements. The Central Bank of the Republic of Turkey announced measures for liquidity management of the lira and FX deposits, promising that “the Central Bank will provide all the liquidity the banks need.” Separately, the central bank announced that it is cutting the foreign currency reserve requirements for Turkish banks. […]
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