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Lira Falls Past 6 Per Dollar

Author:
Eray Bekir
Market News

The Turkish lira fell past a key psychological level against the dollar as traders braced for the prospect of prolonged political turmoil and as a global market rout piled pressure on emerging currencies.

The lira breached the key 6-per-dollar mark to touch the lowest level in seven months as U.S. President Donald Trump threatened to boost tariffs on China and Turkey’s top electoral body came under fierce pressure from President Recep Tayyip Erdogan to order a new contest for the mayor’s seat in Istanbul.

Turkish state-run lenders sold more than $400 million of foreign currency on Monday, according to two traders with knowledge of the matter.

The dollar index, which measures the U.S. currency versus a basket of six major rivals, was up 0.12% at 97.634.

Increased trade tensions between Washington and Beijing have generally been supportive of the dollar as investors view the United States to be in better shape than its rivals to weather a trade war.

Against the Japanese yen, which tends to benefit during geopolitical or financial stress as Japan is the worlds biggest creditor nation, the dollar fell 0.21% to 110.86 yen. The greenback dipped to a five-week low of 110.29 earlier in the session.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.