{"id":40665,"date":"2017-08-27T18:14:37","date_gmt":"2017-08-28T01:14:37","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=40665"},"modified":"2017-08-27T18:14:37","modified_gmt":"2017-08-28T01:14:37","slug":"forex-critical-turkish-lira-confirms-momentum-against-us-dollar","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2017\/08\/27\/forex-critical-turkish-lira-confirms-momentum-against-us-dollar\/","title":{"rendered":"Forex Critical: Turkish Lira Confirms Momentum Against the U.S. Dollar"},"content":{"rendered":"

The Turkish lira was one of the biggest beneficiaries of the renewed weakness of the U.S. dollar (DXY0) in the wake of Jackson Hole on Friday<\/a>. USD\/TRY closed at a new low for 2017. In fact, USD\/TRY has not traded this low since early December, 2016.<\/p>\n


\n
\"The<\/a>
The Turkish lira versus the U.S. dollar reached a new milestone for the year. USD\/TRY confirmed the slow but on-going weakening since the January peak.<\/figcaption><\/figure>
\n<\/center><\/p>\n

The daily chart above shows how USD\/TRY has trended downward slowly but surely since the twin peaks in January of this year. From May to early this month, the downward momentum slowed down to a crawl. The downward pull was so weak that the spike in early July fooled me into backing down on my bearish trading call<\/a> on USD\/TRY. I was grateful to cover my short position at the time for a small profit on the very next swoon downward. <\/p>\n

While I was dismayed that I had no position in place to profit form last week’s plunge, I put USD\/TRY back on my active radar. I will look to fade up to the now downward trending 20-day moving average.<\/p>\n

For comparison, here is a chart of the iShares MSCI Turkey ETF (TUR). TUR gained 2.1% on Friday and closed at a fresh 2-year high. Turkey is resurgent once more.<\/p>\n


\n
\"After<\/a>
After a very rough start to the year, the iShares MSCI Turkey ETF (TUR) is up an astounding 42.9% year-to-date!<\/figcaption><\/figure>
\nSource for charts: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

The performance in TUR takes me back to the beginning of the year when I speculated alongside El-Erian that Turkey’s currency would be a major performer of the year<\/a>. USD\/TRY just went negative year-to-date so perhaps it is just getting started…<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: no position<\/p>\n","protected":false},"excerpt":{"rendered":"

The Turkish lira was one of the biggest beneficiaries of the renewed weakness of the U.S. dollar (DXY0) in the wake of Jackson Hole on Friday. USD\/TRY closed at a new low for 2017. In fact, USD\/TRY has not traded this low since early December, 2016. The daily chart above shows how USD\/TRY has trended … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20,1417],"tags":[1319,1308,1309],"class_list":["post-40665","post","type-post","status-publish","format-standard","hentry","category-forex","category-turkey","tag-tur","tag-turkish-lira","tag-usdtry"],"yoast_head":"\nForex Critical: Turkish Lira Confirms Momentum Against the U.S. Dollar - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2017\/08\/27\/forex-critical-turkish-lira-confirms-momentum-against-us-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forex Critical: Turkish Lira Confirms Momentum Against the U.S. Dollar - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"The Turkish lira was one of the biggest beneficiaries of the renewed weakness of the U.S. dollar (DXY0) in the wake of Jackson Hole on Friday. 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