In January of 2005, a new version of the Turkish Lira was issued after the previous Lira's value fell so dramatically that the conversion was $1 to 1.5 million TRY. As the economy relies on foreign cash looking to earn short term profits on higher interest rates, any global headwinds and the subsequent risk off environment can lead to massive depreciations of the Lira. Although the nation wishes to join the Euro-Zone, political conditions in Turkey and economic issues in the EU continue to delay the process.
Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule:
View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qH39V586no
Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule:
Wall Street: -0.37%
Germany 30: -0.40%
US 500: -0.43%
France 40: -1.01%
View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FfwZlcA7kB
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.
FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). Registered Address: 32 Old Slip, Suite 803; New York, NY 10005.