|Day's Range||0.167 - 0.169|
|52 Week Range||0.1414 - 0.2482|
Emerging-market currencies on Monday kick off the weak on the back foot, with the Turkish lira dragging major EM currencies lower on Monday.
Turkish President Recep Tayyip Erdogan suffers a blow in local weekend elections, setting the stage for more near-term uncertainty for investors, according to ABN Amro.
A rebound in Chinese economic data, along with signs that a trade deal with the U.S. might not be too far off, increases risk appetite on Monday, leading riskier currencies higher and the U.S. dollar lower.
Our call of the day from UBS’s chief economist Paul Donovan, says investors want to take this latest China data with a grain of salt, as he says it’s not presenting a true underlying picture.
The U.S. dollar on Thursday strengthens across the board against its G-10 and emerging market rivals, with bulls shaking off a cut in the final reading of fourth-quarter gross domestic product.
A popular way to bet on Turkey's stock market was tumbling sharply on Wednesday, as the Turkish government prevented foreign banks from accessing lira in so-called swaps transactions, a tactic intended to prevent bets against lira ahead of a weekend election, according to reports. That move has sent the overnight cost of borrowing lira, or swap rate, to 1,200% from 23%, according to Reuters. The exchange-traded iShares MSCI Turkey ETF was down 7.8% midday Wednesday as the Turkish lira was weakening sharply against bucks. The greenback last bought 5.4272 lira, up 1.9% against the Turkish currency, according to FactSet data. Volatility in Ankara's market comes ahead of a key vote on Sunday, with incumbent President Tayyip Erdogan fighting to keep his AK Party in power. Turkey's economy has been struggling with high, double-digit consumer-price inflation, an ailing currency and rising interest rates in the U.S., which had made Ankara's dollar-denominated debt burden more expensive in local currency terms. Erdogan has called for a ban on the use of U.S. dollars, which has sapped liquidity in markets that trade lira, including currency-trading hub London.
Many currencies, including the majors, are retracing last week’s movements on Monday, leading to little action in the U.S. dollar and euro, as well as a rebound from losses in emerging markets.
Turkey’s lira is one of the worst performers against the U.S. dollar in Friday trading, as the greenback rallies more than 4.5%.
Tuesday’s price action in the Indian rupee, that saw the currency hit a seven-month high and then retreat offers a warning to investors about emerging markets.
Turkey’s 2018 currency crisis comes home to roost, with data on Monday showing the country’s economy meeting a widely used definition of recession the final quarter of last year. What’s perhaps worse, is that Turkey’s central bank might not have the tools to get out of it.
The company's system sales, which comprise corporate and franchise, rose to 1.13 billion Turkish lira (£163.98 million), helped by like-for-like growth of 9.3 percent in Turkey and 16 percent in Russia. The pizza firm added 81 new stores in 2018, including 58 new ones in Russia, bringing its network to 724 stores. It targets 40-60 stores per year in Russia in mid-term and branched out to 12 cities outside Moscow.
Turkey President Recep Tayyip Erdogan criticized the Trump administration at a Turkish-American business dinner.
Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Alexis Christoforous to discuss the latest market moves.