Buy on a level breakthrough of 3.0600 with 3.0900 target. Stop loss = 3.0400.
Reason for the trading strategy
Yesterday the Turkish regulator decided to reduce the base interest rate by 25 bps to 8.75%. This measure will weaken the influx of capital into the country ($15.8 billion in the first 5 months of 2016), which has a deficit of the current account of balance of payments of 4.5% of GDP and a budget deficit at 1.2% of GDP. According to Fitch agency, Turkey's key credit weakness is made up of the external factors (military conflict in neighboring Syria, curtailing of the peace process with Kurdish people, difficult relations with Russia, as well as political uncertainty in Turkey).
Reason for the trading strategy
Yesterday the Turkish regulator decided to reduce the base interest rate by 25 bps to 8.75%. This measure will weaken the influx of capital into the country ($15.8 billion in the first 5 months of 2016), which has a deficit of the current account of balance of payments of 4.5% of GDP and a budget deficit at 1.2% of GDP. According to Fitch agency, Turkey's key credit weakness is made up of the external factors (military conflict in neighboring Syria, curtailing of the peace process with Kurdish people, difficult relations with Russia, as well as political uncertainty in Turkey).
Exness-USDTRY: consolidation after the Turkish central bank lowered the interest rate
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