Monday August 13th, 2018
The Euro lost around 0.25% to trade at 1.1380 as a Turkey-led crisis spurs risk-off sentiment that is greatly favoring the US Dollar. Overall, the Euro is being negatively affected by the ongoing economic crisis in Turkey as Trump piles on the pressure with a surprising round of sanctions on the Turkish economy.
The Turkish lira selloff is having an effect on FX movements as the majority of the Eurozone big banks are somewhat active in Turkey with the ECB showing great concern about their exposure to Turkey throughout the last week.
The Japanese Yen strengthened against both the dollar and the euro, with USD/JPY shedding 0.53% to trade at 110.21 and EUR/JPY down 0.94% to 125.39.
The British Pound was near its lowest levels since June 2017, with GBP/USD at 1.2760, pressured lower by the strengthening dollar amid fears over the growing prospect of a ‘no-deal’ Brexit further pushing down the value. The ongoing rift between London and Brussels is causing havoc it seems!
Across the ocean, the USD/CAD has entered a consolidation phase and has been in a narrow trading band, around 1.3150s, or near three-week highs as you’ll see below.
*prices correct as of 10.30, 13rd August 2018
EUR/USD & GBP/USD
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Assure Hedge FX Report — Aug 13th was originally published in Assure Hedge on Medium, where people are continuing the conversation by highlighting and responding to this story.
