The Euro is under pressure

At the beginning of the day, the single currency was under strong pressure after the ECB expressed concern that large euro zone banks: BBVA of Spain, UniCredit of Italy and BNP Paribas of France have a large number of investments in Turkey. And after the recent decline in the Turkish lira on geopolitical risks, the country faces a default on loans in foreign currency.

This news caused a wave of euro sales, and increased the Turkish lira decline.

EUR/USD chart. Current price – 1.1450

USD/TRY chart. Current price – 5.700

The US dollar won f this movement, because it acts as an asset of a safe harbor in this situation.

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

Topical articles of the trader’s blog:

1. Emerging markets and their prospects: Chinese yuan (CNH or CNY)
2. Stock indices: the Japanese market
3. Emerging markets and their prospects: Turkish lira (TRY)

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1. Preparing to have profits on an optimistic report of Alcoa Inc.!
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