Investing.com - The dollar steadied against its rivals at 13-month highs Wednesday, but gains were limited by rising demand for safe-haven yen on fears turmoil in Turkey could spill over into other markets.
Turkey’s embattled lira continues to rebound Wednesday for a second straight session, even as the animosity between Ankara and Washington appeared to escalate. The U.S. dollar also extended gains to touch a fresh 14-month high.
Prices of digital currencies surge higher Wednesday, bucking the recent trend which saw as much as $20 billion wiped off the market cap of cryptocurrencies to begin the week.
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 dollar rose to 14-month highs against a currency basket on Wednesday, as fears over the impact of Turkey's currency crisis and global trade tensions bolstered safe haven demand.
Investing.com - Gold prices fell to fresh one-and-a-half year lows on Wednesday as the broadly strong dollar continued to weigh on demand for bullion.
The EUR/USD dipped way below M L5 Pivot ( Strongest Monthly Support) and currently it is below the Weekly L3 pivot. This indicates a strong downtrend with a potential for further bearish pressure. Only a close above 1.1350 might initiate a bullish correction towards POC (1.1420-30) and POC 2 (1.1470-1.1508). However further weakness is likely as the price should reject from any of POC zones. Additionally a break below 1.1316 targets 1.1279, Weekly Support level. This breakout could happen even before any retracement to POC zones.
Turkey’s currency crisis sent ripples through global financial markets, but analysts say it isn’t necessarily a death sentence for all emerging-market currencies.