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For the last two decades, the Turkish lira has significantly depreciated, and now you can observe a global downtrend for this asset. In 2005, the government was forced to conduct a currency denomination because of enormous inflation. The major bank introduced a new lira into circulation. Unfortunately, the move didn’t provide the expected outcome, and the newly-introduced followed the footsteps of its predecessor.
The currency pair to sharply jump in the long and short term. The quotes of this asset can demonstrate strong moves up and down that makes trading this currency pair extremely risky. If you are a novice trader, you’d better avoid trading this asset because it’s hazardous for your trading deposit. However, experienced investors are capable of making good money on this currency pair.
This asset sometimes demonstrates up to 700 points of regular daily activity. In this regard, the asset outperforms many Forex currencies, which are unable to pass more than 120 points a day on average.
Thursday is the day of the maximum volatility for the currency pair, while the calmest day is represented by Monday. It’s not a unique feature. It can be observed in any Forex asset.
To successfully trade this currency, you require analyzing the condition of the Turkish and American economies. Of course, each of these countries has its distinctive features. The Turkish GDP is by 58% occupied by the services and trade sector. As for the industrial sector, it holds 33%. Textiles, food, and chemicals are the most crucial sectors. The Turkish agriculture is highly developed. It forms 9% of the country’s GDP.
Tourism also matters for Turkey. Residents of the CIS countries often choose Turkey to spend their vacations.
The scale of the American economy is more significant than that one of Turkey. What’s more, the greenback is a reserve currency utilized to make international payments. The services and trade sector form nearly 79% of the US economy. 19% is reserved by the industry, while agriculture occupies just 1.2%.
The currency pair USD/TRY relates to EUR/TRY and GBP/TRY. These pairs often demonstrate synchronized moves. However, powerful bounces mostly take place because of the Turkish currency.
Fundament factors rule in this pair. To succeed in trading this asset, you require closely watching the publication of new macroeconomic indicators from Turkey and the United States. Any changes in that data may result in steep bounces in this currency pair. Moreover, you should also monitor news having to do with new indicators of the unemployment rate as well as the trade balance of these countries.
The currency pair fits both short-term and long-term strategies due to the ultra-high intra-day volatility of Turkey’s currency. It makes this asset ideal for scalpers. Moreover, a predictable bullish trend makes it useful for long-term trading strategies.
Conduct technical analysis of this asset before trading. Thus, you will spot the best entry and exit points for your deal. Make use of pending orders to make your trade automated and dodge considerable losses.
|AUD/CAD||Course Australian Dollar to Canadian Dollar||3.8||0.94203|
|AUD/CHF||Course Australian Dollar to Swiss Franc||3.7||0.70105|
|AUD/JPY||Course Australian Dollar to Japanese Yen||29.8||85.098|
|AUD/NZD||Course Australian Dollar to New Zealand Dollar||3.2||1.07367|
|AUD/USD||Course Australian Dollar to US Dollar||2.7||0.77774|
|CAD/CHF||Course Canadian dollar to Swiss franc||3.9||0.74404|
|CAD/JPY||Course Canadian dollar to Japanese yen||3||90.315|
|CHF/JPY||Course Swiss Franc to Japanese Yen||4||121.362|
|EUR/AUD||Course Euro to Australian Dollar||3.3||1.56183|
|EUR/CAD||Course Euro to Canadian Dollar||3.4||1.47154|
|EUR/CHF||Course Euro to Swiss Franc||3||1.09513|
|EUR/DKK||Course Euro to Danish Krone||5.2||7.43624|
|EUR/GBP||Course Euro to British Pound||2.8||0.86153|
|EUR/JPY||Course Euro to Japanese Yen||3.4||132.929|
|EUR/MXN||Course Euro to Mexican Peso||37||24.1394|
|EUR/NOK||Course Euro to Norwegian Krone||40||9.98397|
|EUR/NZD||Course Euro to New Zealand Dollar||7||1.67714|
|EUR/PLN||Course Euro to Polish Zloty||25||4.52804|
|EUR/RUB||Course Euro to Ruble||73.3||89.7734|
|EUR/SEK||Course Euro to Swedish Krona||37||10.1086|
|EUR/TRY||Course Euro to Turkish Lira||12.5||10.2599|
|EUR/USD||Course Euro to US Dollar||2.5||1.21491|
|EUR/ZAR||Course Euro to South African Rand||5.5||17.1692|
|GBP/AUD||Course British Pound to Australian Dollar||5.9||1.81256|
|GBP/CAD||Course British Pound to Canadian Dollar||6.8||1.70773|