Euro discount, the less risky coins increase price when Lira crisis
The Euro dropped to less than 1 year on Monday when the Turkish Lira crisis affected the global market with fears that the financial situation of Turkey would have made Europe affected.
The Lira fell to a record low compared to the overnight dollar at USD/TRY at 7.0303, before a slight increase to 6.7779, equivalent to 5.84% of the day.
The Lira was supported after the Turkish central bank provided liquidity and reduced reserve rates required for banks against Lira and foreign currencies.
The concern about the spread of crisis was increased after the European Central Bank warned Friday that there were a few banks in the Euro area that would likely bear the risk if the Lira fell in price.
The Lira fell over 40% in this year due to concerns about President Erdogan strengthening monetary policy control and the economy, as well as a relationship that became unfine with the U.S. about the war in Syria.
The Euro dropped to less than 1 year with a EUR/USD discount of 0.31% and 1.1382 after hitting the lower level in 1.1365.
The Euro reduced the price after the Lira slump pulled by the demand for the less risky coins, including the US dollar, the Swedish Franc and the Japanese yen.
USD index, the dollar strength readings against the basket of 6 currencies, an increase of 0.15% to 96.33, the highest level since Jun. 27, 2017, after an increase of 1.33% in the last week.
The yen rose higher than the dollar and Euro. The USD/JPY rate fell 0.53% to 110.21 and EUR/JPY decreased 0.94% and 125.39.
The Euro dropped to a minimum of 1 year compared to Swiss franc with a EUR/CHF discount of 0.35% and 1.1315.
The pound is also near the lowest level from Jun. 2017 at a rate of GBP/USD at 1.2760, under pressure drop by the dollar rising and concerned about a Brexit not agreed.
In emerging markets, the Russian Ruble drops to the lowest since the middle of the 4th month, 2016, under pressure reduced by the strong dollar, declining oil prices as well as concerns over the influence of the new American sanctions.
The Lira fell to a record low compared to the overnight dollar at USD/TRY at 7.0303, before a slight increase to 6.7779, equivalent to 5.84% of the day.
The Lira was supported after the Turkish central bank provided liquidity and reduced reserve rates required for banks against Lira and foreign currencies.
The concern about the spread of crisis was increased after the European Central Bank warned Friday that there were a few banks in the Euro area that would likely bear the risk if the Lira fell in price.
The Lira fell over 40% in this year due to concerns about President Erdogan strengthening monetary policy control and the economy, as well as a relationship that became unfine with the U.S. about the war in Syria.
The Euro dropped to less than 1 year with a EUR/USD discount of 0.31% and 1.1382 after hitting the lower level in 1.1365.
The Euro reduced the price after the Lira slump pulled by the demand for the less risky coins, including the US dollar, the Swedish Franc and the Japanese yen.
USD index, the dollar strength readings against the basket of 6 currencies, an increase of 0.15% to 96.33, the highest level since Jun. 27, 2017, after an increase of 1.33% in the last week.
The yen rose higher than the dollar and Euro. The USD/JPY rate fell 0.53% to 110.21 and EUR/JPY decreased 0.94% and 125.39.
The Euro dropped to a minimum of 1 year compared to Swiss franc with a EUR/CHF discount of 0.35% and 1.1315.
The pound is also near the lowest level from Jun. 2017 at a rate of GBP/USD at 1.2760, under pressure drop by the dollar rising and concerned about a Brexit not agreed.
In emerging markets, the Russian Ruble drops to the lowest since the middle of the 4th month, 2016, under pressure reduced by the strong dollar, declining oil prices as well as concerns over the influence of the new American sanctions.
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