The rhetoric in XU100 is irrespective of valuations in the last week or so.
Turkish investors have been taking profits and allocating towards USD. This is totally a psychological issue, locals see the USDTRL as an actual investment vehicle, rather than a currency pair. This week the USDTRL pair saw lows of 5.50, this insinuated a sell signal for stock (along with some savings accounts).
Currently, locals prefer a long USDTRL position over holding common stock.
Hence there could be a downtrend in XU100 in th short-term due to this phenomenon.
Turkish investors have been taking profits and allocating towards USD. This is totally a psychological issue, locals see the USDTRL as an actual investment vehicle, rather than a currency pair. This week the USDTRL pair saw lows of 5.50, this insinuated a sell signal for stock (along with some savings accounts).
Currently, locals prefer a long USDTRL position over holding common stock.
Hence there could be a downtrend in XU100 in th short-term due to this phenomenon.
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Disclaimer
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.