All eyes on USDTRY & EURTRY

All eyes on USDTRY & EURTRY 

Turkey’s benchmark stock index opened at 1,304.89 points on Tuesday, 5.39% or 74.36 points down from the previous close. 

Borsa Istanbul’s BIST 100 index was down 9.79% to close at 1,379.25 points on Monday, with a daily trading volume of 16.7 billion Turkish liras ($2.12 billion). It has fallen again to 1,282.35 at 10.00 GMT+2.  

The US dollar/Turkish lira exchange rate stood at 7.7772 as of 10.00 GMT+2, down from 7.9380 at Monday’s close. 

The euro/Turkish lira exchange rate was 9.4800 versus 9.4770, and one British pound traded for 10.9600 Turkish liras, compared to 11.0160 at the previous close.  EUR/TRY is currently at 9.2437.  

One barrel of Brent oil was sold around for $64 as of 10.00 GMT+2. 

In other news, there are escalating tensions between China and the West.   

China’s stock markets fell today amid worries over the sanctions imposed by the UK, Europe, US and Canada, and concerns that rising Covid-19 cases could hit the global recovery. 

The benchmark CSI 300 index fell around 1%, back towards its lowest levels of 2021 — and sharply away from the 13-year high seen in January. 

Hong Kong’s Hang Seng index was worse hit, down 1.4%, while South Korea’s KOSPI has lost 1%. 

This volatility means an opportunity to trade! 

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