The Turkish lira hits its two-year lows against the euro and has also crumbled against other currencies. Bearish EURTRY traders have faced levels last seen on the height of the 2018 currency crisis in trading sessions. The main weakness of the lira can be traced to the concerns about the impact of the virus in Turkey. The pandemic has taken a deep chunk out of the Turkish government budget and recent data showed that corporate deals in the country have faltered last month. In just the span of less than two years, the Turkish economy has faced two recession, placing the Turkish lira in a very tough predicament. The pair has a highly bullish tone considering that the 50-day moving average has left the 200-day moving average in the dust. Bullish investors are expected to hold on to the momentum despite the vulnerability of the single currency. Over the past week, news about the virus in Europe has started to show improvements, mainly in Italy and Spain.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.