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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessFROM ING: TRY: Another FX flash crash.. but...>
FOREX: FROM ING: TRY: Another FX flash crash.. but reversal already under way
TRY underwent a text book flash crash overnight as the "bad" lira news that the
US suspended processing new visas in Turkey was worsened by a low liquidity
trading environment. USD/TRY briefly touched the 3.8500 level overnight (in turn
being up more than 6%). As was the case with GBP back in 2016, TRY already
started reversing majority of its losses. Although we fully recognize that the
US
visa situation is not good news for TRY, this on its own is not a strong enough
factor that should (a) cause such a scale of the lira weakness (during the
normal
trading environment); and (b) shouldn't have a long lasting effect on the lira.
We
expect USD/TRY to stabilize below 3.7000 today, converging towards 3.6500.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.