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TRY This: Turkish Lira Crashes to Fresh Low

Fawad Razaqzada Fawad Razaqzada 21/10/2021
TRY This: Turkish Lira Crashes to Fresh Low TRY This: Turkish Lira Crashes to Fresh Low
TRY This: Turkish Lira Crashes to Fresh Low Fawad Razaqzada
In a mostly uneventful day in the markets, the Turkish lira came under the spotlight – unfortunately once again for all the wrong reasons. It slumped to new record lows against the dollar and euro after Turkey’s not-very-independent central bank (was forced by Erdogan, the de-factor Governor of CBRT as well as the country’s President) to slash rates by 200 basis points to 16 percent. Analysts who had expected a rate cut were calling for a meagre 50-100 basis points. The rate cut comes despite inflation being close to 20% in Turkey and after the dismissal of three hawks at the central bank last week. The writing was always on the Wall. The rate cut has exacerbated hyperinflation worries and investors decided to further abandon the TRY as a result. The CBRT says inflation is transitory, but by cutting rates further, the market will need some convincing to trust the lira again. Against this backdrop, you would have to think that more weakness is likely for the TRY, and we could even see USD/TRY reach for 10.00 in the not-too-distant future.

USD/TRYSource: ThinkMarkets and TradingView.com
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Meet our contributors
Fawad Razaqzada
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Fawad Razaqzada
Market Analyst, London

Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms. He leverages years of market knowledge to provide retail and professional traders worldwide with succinct fundamental & technical analysis. Fawad also offers trading education to help shorten the learning curves of developing traders.
 
His colleagues consider him an expert at reading price action on the charts. This together with his deep understanding of economics and fundamental analysis, and trading experience, puts him in a great position to forecast short term price movements. Fawad covers a wide range of markets, including FX, commodities, stock indices and cryptocurrencies and his comments are regularly quoted by the leading financial publications such as Reuters and Market Watch. In addition to ThinkMarkets, Fawad also provides analysis and premium trade signals on his own website at TradingCandles.com.
 
 

Carl Capolingua
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Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Kearabilwe
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Kearabilwe Nonyana
Market Analyst, South Africa

Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives. His career in the financial markets has seen him hold various positions in global investment banks and global CFD and Spread betting firms. He has deep interest in using quantitative methods to help him understand and teach the fundamental drivers of asset prices.
 
 
 

Fawad Razaqzada
Fawad Razaqzada
Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms.
Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.
Kearabilwe
Kearabilwe Nonyana
Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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