As a general view, we could observe a strong positive trend during the 2016 year on EUR/TRY parity on the global forex market. The Euro currency had earned value against Turkish Lira during the year of 2016. The starting point of EUR/TRY was at 3.30 level at the beginning of year. With the last days of year, the parity started to gain value seriously against Turkish Lira, and reached over the 3.78 level at the last days of year.
The November PMI outperformed the forecasts with the 53.8 from the leading indicators of growth in the euro area yesterday. Following the outcome of the referendum in Italy, Prime Minister Renzi announced that he would present his resignation, and in the first place it was observed that the level of 1.0510 in euro, which regressed to the lowest level of 20 months, has been steeply rising from this level.
The euro zone will now follow the final growth data for the third quarter of 2016. Especially in the euro area where net inflation is seen on the inflation side, signs of recovery expected in the growth will be sought. October factory orders from Germany will also be followed. The final growth data for the third quarter of 2016 is expected to be announced at 0.3 percent. Participation can be accelerated if the expectations of the donations come up.
When we look at the forecasts of EUR/TRY parity about the 2017 year, the positive trend may continue for a few month, but horizontal trend shouldn’t be ignored. Technically speaking, if the historical peak level above 3.8200 is broken, it may be targeted at 3.8340 followed by 3.8685. The support level will be followed in the level of 3.75 for the first weeks of January.
- Date: 14 December 2016 Wed 19:55
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