Forex Today: USD Hits 10 Turkish Lira

Adam Lemon

The Turkish lira continues its strong long-term decline, reaching 10 to the USD for the first time.

  1. The Turkish lira is continuing its long-term decline and falling to record low prices, crossing 10 lira to the US dollar for the first time ever.

  2. US inflation data released last week showed US inflation running at an annualized rate of 6.2%, the highest rate seen in 31 years. The news seems to have boosted the U.S. dollar and knocked US Treasuries, but is having an unclear impact in other sectors.

  3. In the Forex market, the week has opened mostly quietly, with the Australian dollar showing the most short-term strength while the US dollar weakens. However, there is an opposite, bullish long-term trend in the US dollar.

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  1. The price of wheat closed again Friday at a new 4-year high. We may be seeing the start of a strong period for some agricultural commodities boosted by rising inflation.

  2. The price of WTI Crude Oil has continued its recent decline as President Biden faces calls to tap into the strategic petroleum reserve to combat rising fuel prices.

  3. Last week saw the third consecutive global weekly rise in new confirmed coronavirus cases after two months in which cases fell steadily.

  4. It is estimated that 51.7% of the world’s population has received at least one dose of a coronavirus vaccination.

  5. Total confirmed new coronavirus cases worldwide stand at over 254 million with an average case fatality rate of 2.01%.

  6. The rate of new coronavirus infections appears to now be increasing most quickly in Albania, Austria, Chile, Croatia, Cyprus, the Czech Republic, Denmark, the Dominican Republic, Germany, Greece, Hungary, Iceland, Italy, Jordan, Laos, Netherlands, New Zealand, Norway, Poland, Slovakia, Slovenia, Switzerland, Trinidad, and Vietnam.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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