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FxWirePro Call Review: Turkish Lira reaches target; new target 5.03 per dollar

In late April, in an article named, “FxWirePro: Turkish Lira to depreciate another 10 percent against USD”, available at https://www.econotimes.com/FxWirePro-Turkish-Lira-to-depreciate-another-10-percent-against-USD-1276314 we suggested that Turkish lira, which,

“After bottoming around 4.07 area against the USD in December 2016, Turkish Lira continued to strengthen on the back of a weaker dollar and in July last year it reached as high as 3.88 per USD. However, as the domestic inflation rate adds pressure on the central bank to raise rates further, which has already been pushed to 8 percent and as Turkey’s relations with the other NATO members, as well as the European Union worsens Lira has steadily been weakening and earlier this month reached as low as 4.19 per USD.”

Will depreciate by another 10 percent from the then current rate of 4.07 per USD.

As Lira neared our target, in a follow-up review, https://www.econotimes.com/FxWirePro-Call-Review-USD-TRY-nears-target-target-extended-to-463-1313334 we extended the target to 4.63 per USD.

Lira has reached our stipulated target this week and is currently trading at 4.78 per USD. Based on our latest calculations, we would like to make 5.03 per USD as the next target for Turkish Lira.

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