No Turkish Delight

Turkish lira was sitting close to record lows against the dollar as Ankara and Washington each cancelled visa services for the other in a deepening diplomatic row.

The greenback also soared more than six percent to 3.8533 lira at one point before easing slightly as Ankara and Washington traded barbs over the arrest of a local staffer at the US embassy in Turkey.

“This latest escalation adds more fuel to the fire after tension was nearing a boil… over US support for Syrian Kurdish militants in the war against ISIS,” said Stephen Innes, head of Asia-Pacific trading at Oanda. Turkey views the Kurdish militants as a terrorist group.

The Business Times via AFP

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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