News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • GBP/USD IG Client Sentiment: Our data shows traders are now at their most net-long GBP/USD since Apr 12 when GBP/USD traded near 1.37. A contrarian view of crowd sentiment points to GBP/USD weakness. https://www.dailyfx.com/sentiment https://t.co/oqggIco9Rb
  • USD/CAD breaks out of its multi-week trading range. Client sentiment data shows traders cutting back their long positions. Get your $USDCAD market update from @nickcawley1 here:https://t.co/0jaBKT1c1p https://t.co/tcRug98zDc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 84.90%, while traders in France 40 are at opposite extremes with 70.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VjYBuNfKGv
  • $XAUUSD - Big Spot here for #Gold . . . https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2021/06/10/Gold-Price-Outlook-Gold-Pops-on-Hot-Inflation--Bulls-Eyes-Resistance-GLD-Technical-Forecast-MBTS6.html https://t.co/BPcJ6OUiuM
  • RT @ZabelinDimitri: What are markets looking at next ahead now that we've got the Fed rate decision behind us? Take a look⬇️
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.23% FTSE 100: 0.20% France 40: 0.19% US 500: -0.98% Wall Street: -1.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PmrtAwxR49
  • $XAUUSD - Big Spot here for #Gold . . . https://t.co/V6vp7zTZ04 https://t.co/9nPPFBM5Nd
  • The FTSE is turning lower from big spot of resistance. Testing channel structure off the February low. Get your market update from @PaulRobinsonFX here:https://t.co/2fEB1tJ5Zh https://t.co/7NrWwY9jBl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 84.57%, while traders in France 40 are at opposite extremes with 70.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Gb5NeVBsGS
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, AUD/USD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/06/18/US-Dollar-Price-Action-Setups-EURUSD-GBPUSD-AUDUSD-USDCAD.html https://t.co/EyDRu1uB8q
USD/TRY: Turkish Lira Drops on Trump Tweet, Bitcoin (BTC) Gains

USD/TRY: Turkish Lira Drops on Trump Tweet, Bitcoin (BTC) Gains

Rich Dvorak, Analyst

USDTRY: TURKISH LIRA DROPS AS TRUMP & ERDOGAN CLASH OVER SYRIA OFFENSIVE

  • Turkish Lira comes under pressure with USDTRY jumping 2.5%
  • Trump threatens to “obliterate the economy of Turkey” amid latest Middle East conflict
  • USDTRY correlation with the price of Bitcoin (BTCUSD) back on the rise

Tension between Turkey and the United States is back in the spotlight and putting pressure on the Turkish Lira. In response to news that Turkey is moving forward with a military offensive in Northern Syria, US President Trump began withdrawing American troops from the area early Monday.

The latest development came subsequent to a phone call between Trump and Turkish President Erdogan, which resulted in a collapse of the ongoing effort to broker peace between US allies in Turkey and Northern Syria.

USDTRY PRICE CHART: 15-MINUTE FRAME (OCTOBER 06, 2019 TO OCTOBER 07, 2019)

usdtry price chart trump threatens turkey economy

As Monday trade was underway, President Trump tweeted out from his personal twitter account that “I will totally destroy and obliterate the economy of turkey” if POTUS finds Turkey or Erdogan doing “anything considered to be off limits.”

Trump also stated in a tweet “the endless and ridiculous wars are ending! We will be focused on the big picture, knowing we can always go back & blast!”

USDTRY PRICE CHART: DAILY TIME FRAME (MAY 02, 2019 TO OCTOBER 07, 2019)

USDTRY Price Chart Turkish Lira Drops on Trump Tweet

Aside from the August 25 rally in spot USDTRY, which printed an incredibly long bearish wick, the emerging market currency pair is now on pace for biggest intraday rally since March 28. A close above the 5.85 price level – underpinned by the currency pair’s mid-point retracement of its year-to-date trading range – could confirm the recent rally in the US Dollar against the Turkish Lira and lead to further upside in spot USDTRY.

USDTRY & BTCUSD: EMERGING MARKETS FX & BITCOIN PRICE CORRELATION

USDTRY and BTCUSD Turkish Lira vs Bitcoin Price Chart Emerging Market FX

Chart created by @RichDvorakFX with TradingView

Remarks from US Senator Lindsey Graham noted that the US will seek sanctions against Turkey if Erdogan moves forward with invading Syria. Correspondingly, the thesis holds that the generally positive correlation between USDTRY & BTCUSD is driven by capital flows out of emerging market currencies (like the Turkish Lira) into less regulated crypto-currencies such as bitcoin. For more information, check out our Emerging Markets Crisis Monitor – Seven Factors Traders Should Watch.

-- Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES