Turkish Lira Recovered Slightly
15 August, 2018
Yesterday was a fairly quiet day for the major pairings with little data out. In the morning we saw the UK release unemployment figures, a slight positive compared to the recent negative releases. Unemployment at the lowest since 1975 falling to 1.36 million, however, the wage growth has slowed down. Yesterday was largely a correction and the Pound trying to claw back its recent losses but failing to break any key resistance levels. The USD continued its recent surge against the Euro, falling to a new one year low. If you have been holding off your USDEUR transfer than this could prove to be the opportunity you have been waiting for. Against Sterling, the USD is still trading below 1.28 level and not showing signs yet of a recovery with no positive sentiment to go on. Speak to your CI account manager for some friendly guidance.
Elsewhere, the Turkish Lira recovered slightly from its recent turmoil and political uncertainty gaining 6.5% this morning on yesterday’s opening. On the back on tariffs placed on Turkey, other currencies fell with the TRY as investors are being put off, although the situation has stabilized it is not completely over. Other currencies pegged against the USD also facing volatility with the INR falling to its lowest ever level against the USD, although the India government insists there is nothing to worry about.
Today is a slightly busier day with UK CPI out at 9.30 and USD Retail sales at 12.30 followed by Crude oil inventories at 2.30.
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