|Day's Range||0.164 - 0.164|
|52 Week Range||0.1414 - 0.2248|
The Turkish lira on Tuesday was retreating against the U.S. dollar as the government told local banks to slow process currency purchases, a fresh attempt to tamp down speculative bets on lira, according to reports.
The Turkish lira on Friday rose more than 3% after President Recep Tayyip Erdogan said the country would not buy the Russian-made S-400 missile defense systems, according to German newspaper Bild. The U.S. had said it would hold delivery of its F-35 fighter jets and impose sanctions had President Erdogan gone ahead with the deal with Russia, lumping further pressure on the struggling economy. The lira hit a session high at 5.9599 versus the greenback and in most recent trade a single dollar fetched 6.0072 lira.
The Turkish lira slumped to its lowest level in seven months as further political unrest weighs on the nation’s currency.
Amidst heightened geopolitical uncertainty, it might be surprising to hear that investors are bullish one of the most volatility-sensitive assets: emerging market currencies.
Our call of the day is a bullish one from Jonathan Golub, chief U.S. equity strategist at Credit Suisse Securities, who tells MarketWatch that he’s got a laundry list of reasons why equities will see gains for the “next several years.”
Turkey’s top election authority voided the Istanbul mayoral election won by an opposition candidate and ordered a do-over, ruling Monday in favor of a request by the president’s party to throw out the vote it narrowly lost.
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.