| Videos | Channels | Search |
The 'extreme volatility' in Turkish lira
Saxo's Global Head of FX Spot Nana Dahlerup is seeing "extreme" volatility in the Turkish lira (TRY); it hit another record low versus the US dollar, with USDTRY reaching the 2.39 level. As a result of the lira's sharp fall, the Turkish central bank will meet in emergency session later on Monday evening.
The bank said it would "discuss recent developments and take the
necessary policy measures for price stability" at the meeting. Nana explains the markets think it will either "aggressively hike rates
above 11 percent", or that it will introduce capital
controls.
Last week, the central bank decided to hold rates steady at its
rate-setting meeting.
Meanwhile, trader Dan Larsen explains that things are "more calm" for the dollar yen spot market and adds that even though volumes are lower he says interest remains in downward strikes.
01:33 minutes
Tags: central bank, dan larsen, dollar index, dollar yen, economy, forex, government, growth, interest rates, jpy, lira, lira level, lira volatility, macro, rates, saxo bank, saxo tv, sport market, trade idea, trader, trading, trading risks, trading volumes, tradingfloor.com, try, try level, try volatility, turkey, turkey central bank, turkey growth, turkey interest rates, turkish central bank, turkish currency, turkish economy, turkish government, turkish lira, us central bank, us dollar, usdjpy, usdtry, yen