forex news

Fitch: Turkey's incomplete policy response to the lira's depreciation is unlikely to stabilise the economy

“Turkey’s incomplete policy response to the lira’s depreciation is unlikely on its own to sustainably stabilise the currency and the economy,” Fitch Ratings wrote in a recently published report. Key quotes “Efforts to fill the initial policy vacuum have helped stabilise the lira, as has a pledge from Qatar to invest USD15 billion in Turkey, […]

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Turkey’s Oktay: Tariffs raised in response to deliberate attacks on economy by US

Turkish Vice-President Fuat Oktay is on the wires now, via Reuters, justifying Turkey’s action of raising tariffs on the US imports. Oktay noted that Turkey raised the tariffs in response to deliberate attacks on the economy by the US. Turkey raised tariffs on US imports of passenger cars by 120%, alcoholic drinks by 140%, and […]

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Forex today: contagion fears continue to play out in markets, lack of response by the CBRT

Forex today was dominated by risk-off play in the aftermath of the TRY’s massive 30% decline over the last few days. The usual safe havens were bid in NY trade, (offered in early European trade on profit taking), although Gold was offered with heightened demand for the greenback and investors were highly disappointed with the […]

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Analysts Sunday notes in response to Turkey and sliding TRY

Various comments on the Turkish lira and the crisis growing in Turkey In brief: Rabobank continued slide in lira coupled with shrinking confidence among Turkish households and corporates could see a run on the country’s banks in the coming days without a synchronised effort from Turkey it would be “difficult to expect a respite for […]

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Turkey's Erdogan: Converting FX to Liras would be the nation's best response

Turkish President Tayyip Erdogan, speaking in Bayburt asked people to convert their FX savings into the Turkish Lira and it would be the best response to the situation. Key headlines:    •  Those with FX, gold under the pillow must convert to the Turkish Lira.   •  The dollar cannot block out path.   •  It’s a […]

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Russia likens US sanctions to economic war — and threatens response 'by other means'

Russia‘s Prime Minister Dmitry Medvedev reportedly warned the U.S. on Friday that sanctions it plans to impose against Moscow over the nerve-agent attack of a former spy living in Britain could be treated as a declaration of an economic war. Speaking during a trip to the Kamchatka region of Russia, Reuters reported Medvedev as saying: […]

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Japan data response, yen gaining

We had GDP data from Japan a few minutes ago, preliminary for the second quarter of 2018 USD/JPY has dropped since, back under 111 again. If you want an explanation I reckon it lies in the strong economic growth, coming in well above the central estimate, and the details were good also. Argues for less […]

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Philippines: Central bank delivers aggressive response – ING

Joey Cuyegkeng, Senior Economist at ING, notes that the Philippine central bank (BSP) raised its policy rate by 50 basis points to 4% in a bid to bring inflation back to the target range of 2% to 4% by 2019. Key Quotes “BSP is not done with raising rates. Inflation has still yet to peak, […]