Investing.com - The dollar was trading near 13-month highs against a currency basket on Wednesday amid fears over contagion effects from Turkey's financial crisis, while the Turkish lira rallied after Ankara hit the U.S. with fresh tariffs.
Turkey’s embattled lira early Wednesday strengthens against major counterparts for another consecutive session, notably against the U.S. dollar, even as animosities between Ankara and Washington appeared to escalate.
European stocks edge higher in early trading Wednesday, as investors watched the continuing currency drama in Turkey, which showed some signs of stabilization.
Investing.com - The U.S. dollar advanced on Wednesday after hitting another 13-month high in the previous session as safe-haven demand increased amid lingering concerns over the Turkish lira crisis.
India's foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market, the finance minister said on Wednesday, a day after the rupee currency sank to an all-time low. The rupee hit the record low of 70.1 per dollar on Tuesday, as concerns about Turkey's economic woes spreading to other emerging markets such as India persisted. "Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar," Arun Jaitley said on Twitter.
Investing.com - Gold prices fell below the $1,200 mark on Wednesday as the demand for U.S. dollar went up amidst the Turkish lira contagion crisis.
Investing.com - Ethereum and other major cryptocurrency prices recovered on Wednesday after plunging in the previous trading session on reports that ICO investors are cashing out .
EURUSD declines for fourth consecutive trading session as CNY hits new lows while Turkish crisis weighs down EURO amid strong US Greenback
The nearest downside target is the January 3, 2017 main bottom at $1184.00. Unless the news suddenly changes, momentum should take the gold market into this level. We could start to see short-covering and profit-taking on a test of this level. Counter-trend buyers may come in to defend this level because the next downside target is the December 22, 2016 main bottom at $1166.60. This is followed closely by the December 16, 2016 main bottom at $1162.00.
Investing.com - Litecoin was trading at $56.357 by 22:23 (02:23 GMT) on the Investing.com Index on Wednesday, up 10.3% on the day. It was the largest one-day percentage gain since April 3.
If the selling pressure gains momentum then look for a test of the December 23, 2016 main bottom at .7159, the May 24, 2016 main bottom at .7145 or the February 29, 2016 main bottom at .7107. On the upside, the first level to watch is yesterday’s close at .7239. Recapturing this level and turning higher for the session will put the AUD/USD in a position to post a closing price reversal bottom.
Gold markets bounced slightly during the trading session on Tuesday, and perhaps a bit of profit taking. The US dollar took a bit of a reprieve as well, as the Turkish lira recovered. At this point though, we have broken through a major level of support, so we could see further weakness.
The US dollar initially rallied against the Japanese yen during the trading session on Tuesday, but then pulled back towards the open area, as the market has continued to be very noisy overall. I believe that this market will probably continue to see a lot of volatility due to the global risk out there.
Yahoo Finance's Jared Blikre joins Alexis Christoforous from the floor of the New York Stock Exchange to break down the latest market moves.