- August 13, 2018
- Posted by: admin@diversi_@finance
- Category: Forexlive Breaking news
EUR/USD – Volatility in the Turkish lira is the main driver of G10 and emerging currencies today. Market concerns over a potential spill-over of the Lira-crisis to Europe increased selling pressure on the single currency, which slid to a 12-month low against the US dollar on Friday. Today, Euro found some support and traded at 1.1423, as of 15:26 London time. While there were no macro-releases for the pair today, markets will follow the quarterly change in Eurozone’s Flash GDP tomorrow. As the Turkish crisis unfolds, there might be more weakness ahead for the single currency.
USD/TRY – The Turkish lira reached new record-lows early this morning and traded at an intraday high of 7.0811 against the US dollar. Turkey’s Finance Minister Berat Albayrak said that the country has a plan to tame Lira’s free-fall, but no additional details were given. This muted the rebound of the currency, which traded at 6.83 at the time of writing. So far, it seems that Turkey is more focused on providing liquidity to local banks rather than stopping the plunge in the currency.
GBP/USD – Sterling is finally on the way to post a daily gain against the US dollar, following seven consecutive bearish closes on the daily chart. Traders are now awaiting key UK data, including labour market statistics from the United Kingdom which are published tomorrow. The UK will also publish retail sales and inflation data this week. At the time of writing, the US dollar traded at 1.2786 against the British pound.
XAU/USD – Gold broke below the important $1,204 support today and reached an 18-month low of $1,194.51 in intraday trading on the back of a strong-performing US dollar index. The March 2017 low of $1,194.89 could provide some support for the yellow metal, at least in the short run. As of 15:48 London time, gold traded at $1,197.05.
What’s your view on the markets? Trade it with Amana Capital.