EURTRY (EURTRY^)

Pairing – The amount of Turkish lira (TRY) that one can buy for every European Euro (EUR).

Position

EUR – World’s second most traded currency

TRY - World’s sixteenth most traded currency

Important factors

• Industry – The reliance of Turkey’s economy on automotive, electronic, and construction sectors has increased dramatically over recent years, and now has a major impact on the value of the lira.
• Export – Turkey is amongst the world’s leaders when it comes to the production of automobiles and other transportation equipment (including ships), textiles, electronics, and more, so the prices of these commodities and sectors can weigh heavily on the lira.
• Rising – Chronic inflation leading up to the 90s had meant the lira had depreciated substantially, but over recent years the lira has stabilised, and begun to rise against the euro, as the latter began to be negatively affected by economic stability within the Eurozone.