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The major market theme is the collapse in the lira and fears of contagion ForexLive If you account for Friday and today’s trading, the lira has fallen by more than 23% against the dollar. Despite recovering some losses in the early morning, the currency is still down by more than 6% against the greenback currently.
This will be an effort to address the slide The Banking Regulation and Supervision Agency (BDDK) I’ll post up more detail as it comes, what to know right now is that this will limit Turkish entities changing lira into foreign currencies (eg, USD, EUR, GBP)
A pretty quiet calendar day ahead Fears of contagion is spreading across asset classes and we’re seeing EM take a hit, alongside equities as well bond yields. The euro is also markedly lower in early trading as the dollar and yen are among the main beneficiaries in all of this. But given the relative collapse…
Fahrettin Altun is Communications Director, Turkish Presidency (ie he speaks for President Erdogan) Altun tweets (this translation from Turkish) (bolding mine)
Forex and Bitcoin news for Asia trading Monday 13 August 2018 Early trade in Asia today saw USD/TRY above 7. It has been weakening for weeks, accelerated its losses on Friday and moved sharply lower again here this morning.
Comments reported from Turkish finance minister Albayrak are here from earlier: More on this here at Reuters : And, early posts here: — Sneak preview of my new website about to begin, its at PlumbingLivedotcom
I had been expecting data from China: The beat for new yuan loans comes amid efforts from China to keep the supply of liquidity up, even while efforts toward deleveraging continue. A tightrope ….
2230 GMT New Zealand Performance of Services Index (PMI) for July – prior 52.8 2245 GMT New Zealand Food Prices for July – prior +0.5% m/m Neither of those are likely to move FX too much
Yen is showing the USD who is boss 😀 USD/JPY is down from 110.90-odd late Friday trade to circa 110.20 as I post Yen is a beneficiary of a move out of risk, and is showing once again it can hold its own against the USD (at least on the day)