TRY expected to depreciate further in the next months – Danske Bank

Pablo Piovano FXStreet

The Turkish currency is seen losing further ground in the next months, according to analysts at Danske Bank.

Key Quotes

“In light of the changed political landscape in Turkey, we have lifted our USD/TRY forecasts to 3.12 in 1M (from 2.95), 3.20 in 3M (2.98), 3.25 in 6M (3.03) and 3.35 in 12M (3.05)”.

“Near term, we expect lingering political uncertainty to weigh on capital inflows into Turkey and thereby on TRY. Medium term, we expect Turkey’s relatively solid economic growth to provide some support for the TRY”.

“In this regard, we note the experience in other emerging market countries, e.g. Thailand, which has had relative currency stability in periods of state of emergency. We do not believe the current political chaos in Turkey will have any broader impact on global risk appetite and the performance of risky assets”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.