FOREX Trading

China is about to be called out as a currency manipulator – here’s why

The next logical step in America’s escalating trade war with China could be President Donald Trump’s administration ramping up the rhetoric on the falling yuan currency. The US dollar has appreciated five per cent this year versus the yuan, with those gains occurring mainly in the last month or two. Accusations from Trump of currency manipulation were sizeable on his campaign trail, but have been more muted during his presidency. That might be about to change. “It could happen… this…

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Saudi Monetary Authority Prohibits “Unauthorized Virtual Currencies” | Crowdfund Insider

Citing “negative consequences,” “high risks,” and a lack of “government supervision,” the Saudi Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in FOREX Markets has officially declared, “Unauthorized virtual currencies…illegal inside the Kingdom of Saudi Arabia.” The announcement came August 12th in the form of “a supreme decree” issued jointly by the Saudi Capital Market Authority (CMA), the Ministry of Interior Membership, the Ministry of Media, the Ministry of Commerce and the Investment and Saudi Arabian Monetary Authority (SAMA). According…

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Turkish lira crash is hurting millennials invested in emerging markets

The Turkish lira did not go down on its own when it plunged to record lows. Emerging-market assets from currencies to stocks also sold off as investors wondered what Turkey’s currency trouble would mean for other countries. One of the most prominent victims of the drop was the Vanguard FTSE Emerging Markets exchange-traded fund (VWO), a basket of stocks located in China, South Africa, and other developing countries. With $90 billion in net assets, it’s a bedrock emerging-market ETF. Its…

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Dollar higher as Turkey currency carnage continues

The Turkish lira remained under heavy pressure as the country’s currency crisis continued, providing a lift to the dollar and currencies viewed as havens. The lira USDTRY, +8.1960%  plunged to another all-time low against the U.S. dollar on Monday, breaching 7 lira per dollar for the first time on record, after surpassing both the 5- and 6-lira…

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The Guardian view on Turkey’s currency crisis: it was made at home | Editorial | Opinion

President Recep Tayyip Erdoğan’s bizarre utterances about “an operation against Turkey” run by shadowy “interest-rate lobbies” and “bullies of the global system” cannot hide the fact his own policies are behind the lira’s precipitous slide. It’s true that a strange spat over a detained American pastor was used as a pretext by the Trump administration to impose punitive tariffs on Turkish steel and aluminium imports. This contributed to turning the lira’s disorderly retreat on the markets into a chaotic rout.…

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European Markets Weaken Further On Concerns Over Turkey

The European markets ended the first session of the new trading week with modest losses. Investor sentiment continues to be impacted by concerns over the currency crisis in Turkey and the fear of contagion. The Turkish lira hit a new record low against the U.S. dollar in Asian trading before regaining some ground after Turkey’s central bank took measures to boost liquidity in the foreign exchange market. Over the weekend, Turkish Finance Minister Berat Albayrak announced the government plans to…

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Dollar reverses as Turkey currency carnage continues

The Turkish lira remained under heavy pressure as the country’s currency crisis continued, providing a lift to the dollar and currencies viewed as havens. The lira USDTRY, +7.3046%  plunged to another all-time low against the U.S. dollar on Monday, with one dollar buying 6.8716, up from 6.4275 lira late Friday in New York. The lira’s drop was…

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Turkey Says Has Action Plan to Ease Market Concerns

Turkey has drafted a economic action plan and will start implementing it on Monday morning to ease investor concerns, Finance Minister Berat Albayrak said on Sunday after the lira plunged to a new record low in early Asia Pacific trade. In an interview with Hurriyet newspaper published online, Albayrak described the lira’s weakness as “an attack,” echoing President Tayyip Erdogan, who is his father-in-law, and said the action plan was ready. “From Monday morning onwards our institutions will take the necessary steps and…

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Euro Down, Safe Haven Currencies Higher on Turkish Lira Crash By Investing.com

© Reuters. Euro down, safe haven currencies higher on Turkish lira crash Investing.com – The euro was trading at more than one-year lows on Monday as a crash in the Turkish lira roiled global markets amid fears that the country’s financial crisis could spread to European markets. The lira fell to a record low against the dollar overnight with hitting 7.0303, before easing back slightly to 6.7779, still up 5.84% for the day. The lira found some support after Turkey’s…

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Europe ‘still top market’ for Turkish travel companies: TÜRSAB chair

BARÇIN YİNANÇ – barcin.yinanc@hurriyet.com.tr Europe will remain as a top market for Turkish tourism industry despite a growing interest in attracting visitors from the Far East, according to Firuz B. Bağlıkaya, the president of Association of Turkish Travel Agencies (TÜRSAB). “I am not sure if we can attract several million from the Far East market as we are doing from Europe,” he told Hürriyet Daily News in a recent interview. “Eighty percent of touristic movements take place in their own…

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Erdoğan: Do Not Resort to Buying Foreign Currency, I Would Implement Plans B-C

Click to read the article in Turkish President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan spoke about the recent economic developments in the country at the “Business World and Non-Governmental Organizations Meeting” in Trabzon yesterday (August 12). Addressing the industrialists, Erdoğan said, “Do not rush to the banks to buy foreign currency. Otherwise, I would have to implement the plans B and C.” “I would have to implement plans B and C” Here are some of the…

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No plans for dollar move at Glanbia

Glanbia chief executive Siobhán Talbot. Photo: Tony Gavin No plans for dollar move at Glanbia Independent.ie Glanbia has no plans to start reporting its financial results in dollars, despite foreign exchange swings during the first half of the year that meant the group’s reported revenue and earnings showed much bigger declines than it experienced on a constant currency basis. https://www.independent.ie/business/irish/no-plans-for-dollar-move-at-glanbia-37209245.html https://www.independent.ie/incoming/article37208966.ece/de7e1/AUTOCROP/h342/PL32034411Siobhan%20Talbot1%20.jpg Email Glanbia has no plans to start reporting its financial results in dollars, despite foreign exchange swings during the…

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Turkey says has action plan to ease market concerns beginning Monday – Business News

ISTANBUL: Turkey has drafted a economic action plan and will start implementing it on Monday morning to ease investor concerns, Finance Minister Berat Albayrak said on Sunday, after the lira plunged to a new record low in early Asia Pacific trade. In an interview with Hurriyet newspaper published online, Albayrak described the lira’s weakness as “an attack,” echoing President Tayyip Erdogan – who is his father-in-law – and said the action plan was ready. “From Monday morning onwards our institutions…

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Turkey says has action plan to ease market concerns; lira firms from record low – World

ISTANBUL (Reuters) – Turkey has drafted a economic action plan and will start implementing it on Monday morning to ease investor concerns, Finance Minister Berat Albayrak said on Sunday, after the lira plunged to a new record low in early Asia Pacific trade. In an interview with Hurriyet newspaper published online, Albayrak described the lira’s weakness as “an attack,” echoing President Tayyip Erdogan – who is his father-in-law – and said the action plan was ready. “From Monday morning onwards…

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Erdogan, Amir discuss bilateral ties; president slams lira ‘plot’ – Kuwait Times

KUWAIT: A Kuwaiti man holds a one US dollar bill next to a five Turkish lira banknote at a currency exchange yesterday. – Photo by Yasser Al-Zayyat KUWAIT/ISTANBUL: HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and Turkish President Recep Tayyip Erdogan discussed bilateral ties, issues of mutual importance and regional and international affairs. This came amid a telephone conversation between the two leaders on Saturday, during which Erdogan wished Kuwait further development and prosperity under the wise leadership of…

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Erdogan says lira crash ‘political plot’ against Turkey

ISTANBUL – President Recep Tayyip Erdogan on Sunday said the crash of the Turkish lira, sparked by a bitter dispute with the United States, was a “political plot” against Turkey and warned Ankara would now seek new markets and partners. Turkish President Tayyip Erdogan, pictured in July 2018, appeared to indicate that the entire alliance between Turkey — which joined NATO in 1952 with strong American backing — and Washington was at stake The dispute between the two NATO allies…

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