FXNet Market News – USD Trumped by Turkish Lira Following Failed Coup

July 18, 2016

Following an eventful Friday night in Turkey, the local currency recovered its losses on Monday and even trumped the US dollar, while the yen fell broadly as concern over the political status of the country eased.

FXNet Market News – USD Trumped by Turkish Lira Following Failed Coup

This article is originally referred from FXNet Market News

Following an eventful Friday night in Turkey, the local currency recovered its losses on Monday and even trumped the US dollar, while the yen fell broadly as concern over the political status of the country eased.

The Turkish lira traded at 2.9575 in early Asian trade on Monday, a 2.1 percent increase for the day.

The currency had plummeted 5 percent after an attempt to overtake Turkish President Tayyip Erdogan, and around 3,000 military plotters spreading in Ankara and assuming control of the main road junctions and broadcasting a statement on TRT state television demanding a curfew and warning people to stay home.

The increased risk turned investors to the safe haven, helping the yen rise, once tension eased and uncertainty settled, the Japanese currency lost 0.86 percent against the greenback at 105.78 dollars, while the euro added 1.05 percent against the yen, leaving it at 116.97. EUR/USD added 0.24 percent to 1.1056.

“I don’t expect the dollar to fall below 100 yen, but it will probably have a hard time rising above the 107 yen” said Satoshi Okagawa, a senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.

Elsewhere the New Zealand dollar was three percent lower against the dollar, and traded at a two week low of 0.7068 dollars.

GBP/USD added 0.52 percent trading at 1.3249, the pair had lost momentum on Friday following The Bank of England’s (BoE) comments that it will apply monetary easing policy in August.

The US dollar index which measures the greenback against a basket of major currencies lost 0.9 percent to 96.61.

Original Source: FXNet Market News

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