Euro/Turkish Lira (EUR/TRY) Exchange Rate
EUR/TRY Pivot Points
EUR/TRY Latest Updates
Turkey’s health ministry confirmed local Covid-19 transmission exceed imported ones after the death toll increased to 44, and total cases approach 2,000.
Turkey may not feel a direct impact from Covid-19, but the anticipated global economic contraction will pose a challenge to its current recovery.
Fourth-quarter GDP data out of Turkey confirmed the economic recovery with a 5.0% expansion, the average growth rate over the past two decades.
Turkey’s economy is on a firm path to recovery in 2020, but challenges remain. Consumer confidence is depressed, while foreign direct investment (FDI) may not recover until 2021.
According to the Turkish Treasury and Finance Ministry, the economy expanded by 5.0% in the fourth quarter of 2019 and by 0.5% on an annualized basis.
Turkey’s economy is forecast to expand by 3.0% in 2020. The Turkish government predicts economic growth of 5.0% in each of the next three years,
Central banks in developed economies are either in a holding pattern or cut interest rates from record-low levels.
Tensions between NATO members France and Turkey have intensified with leaders from both countries lashing out in public.
After a strong corrective phase, the EUR/TRY started to stabilize as it reached its support zone.
The Euro will have a very important economic day today with the release of a series of PMI reports and the last ECB meeting chaired by outgoing President Draghi who will leave the central bank more divided than ever.
Get the EUR/TRY Forex signal for October 25, 2016 here.