Turkish Lira has given back all it's gains overnight
Demand for safety the theme as emerging market efforts falter via
ForexLive
Policymakers at the
Turkish central bank must have a sick feeling. They dazzled markets
with much larger rate hikes and markets have decided they don't
care. USD/TRY is above where it traded before the decision and now
it's blowing out.
USD/TRY
In South Africa, the rate hike did nothing to end the rout on
the rand. After a brief knee-jerk lower, USD/ZAR is trading at a
5-year high.
Russia isn't getting any attention but it will be soon. The
ruble is down 6.66% year-to-date and finance minister
Siluanov just said Russia shouldn't follow Turkey and India with
rate increases.
Yen crosses are in full retreat. When the market smells blood
it's relentless. This market doesn't expect Bernanke to ride to the
rescue and we're seeing what a wild world it will be without money
printing.
The key levels are 102.00 in USD/JPY and 2.70% in 10-year yields
(spot at 2.73%).
in an attempt to dazzle the markets the rate hike was 2x what
was was 'expected'. however (isn't there always), they changed the
benchmark they were using. consequently the hike was a
disappointment.
Marco - I comment on what impacts the markets and clearly
traders are reacting with the SPX Futures 25 points off it highs
last night. It made for a nice trade.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
Turkish Lira has given back
Posted by steve on 29th of Jan 2014 at 08:46 am
Turkish Lira has given back all it's gains overnight
Policymakers at the Turkish central bank must have a sick feeling. They dazzled markets with much larger rate hikes and markets have decided they don't care. USD/TRY is above where it traded before the decision and now it's blowing out.
USD/TRY
In South Africa, the rate hike did nothing to end the rout on the rand. After a brief knee-jerk lower, USD/ZAR is trading at a 5-year high.
Russia isn't getting any attention but it will be soon. The ruble is down 6.66% year-to-date and finance minister Siluanov just said Russia shouldn't follow Turkey and India with rate increases.
Yen crosses are in full retreat. When the market smells blood it's relentless. This market doesn't expect Bernanke to ride to the rescue and we're seeing what a wild world it will be without money printing.
The key levels are 102.00 in USD/JPY and 2.70% in 10-year yields (spot at 2.73%).
small print on rate hike
Posted by hazbin1 on 29th of Jan 2014 at 08:58 am
in an attempt to dazzle the markets the rate hike was 2x what was was 'expected'. however (isn't there always), they changed the benchmark they were using. consequently the hike was a disappointment.
haha...
Posted by zwyss on 29th of Jan 2014 at 08:52 am
Marco - I comment on
Posted by steve on 29th of Jan 2014 at 08:57 am
Marco - I comment on what impacts the markets and clearly traders are reacting with the SPX Futures 25 points off it highs last night. It made for a nice trade.