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Turkish Lira hit again as economic confident slides

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Turkey’s economic confidence has dropped to its lowest level in almost a decade, heaping more pressure on the country’s trembling currency.

One measure of economic confidence for August hit 83.9, slumping from 92.2 in July. In response to that data, the lira shed value to reach 6.4 versus the U.S. dollar, a level not seen since August 15.

The confidence reading was the lowest recorded since March 2009 and comes amid a worsening rift with the United States. The diplomatic spat has resulted in the U.S. increasing tariffs on steel and aluminium originating from Turkey.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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