Turkish Lira Woes Spill Over into Europe as Dollar Surges.
In this report I cover the early market action from London on Friday, August 10th, 2018. I look briefly at the precious metals, the stock market, the dollar and other currencies.
The focus this morning is on Turkey and its currency the lira. The lira is in meltdown mode as the U.S. cracks down on the country with sanctions and threats of more draconian sanctions in the future. The uncertainty in Turkey is spilling over into Europe as the euro and the British pound break some key technical levels to the downside.
Some major European banks have a fairly big exposure to Turkey and even though some commentators do not think this could lead to further contagion or a domino it is, in my opinion, important to keep an eye on developments.
My conclusion is that there is a great deal of uncertainty and that the geopolitical environment at present is not conducive to stability in world market and trade amongst nations.
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Upto now gold seems to be having a good day, cheers for your video. Thanks mike
Yes it is looking good for now.
Thanks for sharing your insights. Do you think 1200 gold will hold this summer?
It has done well today so far despite dollar strength so I would say there is a good chance it holds 1200.
Great update about market sir @maneco64.I am impressed.Thanks for sharing.
Thank you for sharing. Good thing I only had play money in the wrong position for this news. It cost me about $300 in practice money. Im still working on my checklist. Anyone have checklist suggestions?