Currency Note Worldwide

Turkish lira boosted by fall in oil prices

By Ricky Bean October 20th, 2014

  • Friday saw the Japanese yen have a poor end to the week as it receded against the majority of its peers as equities gained, which lead to lesser demand for the safest assets. Emerging market currencies improved as a gauge of expectations for fluctuations fell due to global growth, new expectations on US monetary policy and the ever-increasing scare of the outbreak of Ebola. The yen fell almost half a percent to 106.74 per dollar on Friday.
  • The Turkish lira saw gains for a third consecutive day, continuing its largest weekly rally in over six months. The factor highlighted for the lira’s recent success is that Turkey is on the right side of the current turmoil surrounding the price of energy and commodity-price trade. Turkey relies on imported oil for its energy and has the largest balance of payments shortfall relative to economic output among developing nations.
  • China data releases are very much to the fore this week covering everything from third quarter growth estimates through to retail sales, industrial production and fixed asset investment. Given the importance of China to the Australian and New Zealand dollar these releases will be very closely watched.

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