July 18, AtoZForex – We would like to express our sincere condolences to Turkish people, following the tragic news about the Turkey military coup attempt, which took place this weekend. There is always the flip side of the coin, as this type of news affects the market currencies fluctuations, especially for USDTRY. On the night of the tragic event, Turkish residents flooded the ATMs with fear. Meanwhile, USDTRY soared by 5% on Friday night, hitting the highest level since January 2016.
Following the horrid military coup attempt in Turkey of last Friday, many of our readers have inquired us about the impact of the failed coup on USDTRY and how the market openings of various markets will be like. Therefore, AtoZForex has reached out to Bertug Kocabicak, Head of Research at Zirve Forex for a USDTRY analysis post the drastic events.
Zirve Forex EURTRY and USDTRY analysis
According to the Head of research at Zirve Forex, Bertug Kocabicak:
“We were very shocked and could not believe what was going on at the beginning. The coup attempt started when the market was still open. The first effect was of course on USDTRY and EURTRY. USDTRY was 2,96 when we understood the seriousness of the situation then jumped to 3 and 3,02 at the market close. As the tension is low now we don’t expect it to get higher.
The market opening was expected to be soft, we expect the TL crosses to open high at Asia like 3.04-3.10. spreads will be wider as we expect and this will not enable trading. Closer to Turkish market opening, the market will be more stable by the actions that the central bank of Turkey has announced. This means a reasonable volatility, the central bank actions are important. If the CBT’s actions appear to be less effective, then volatılıty may go on. Closer to US opening pricing will be more important and we expect at least 2.94-2.96, if it breaks then the 3.05-3.07 range it will jump to 3.20.”
Thank you for your time and input, Bertug Kocabicak. Despite the tragic news, AtoZForex has been on top of the developments and reports about the market through the LIVE Turkey coup impact post.
If you have any questions for Bertug Kocabicak, please do not hesitate to ask them in the comments section below.