Analysts at Goldman Sachs see more pain for Turkish lira, which fell to a record low of 7.3558 per US dollar on Friday and has depreciated by nearly 23% this year. “Over the short run, risks to USD/TRY are skewed to the upside, given rising foreign currency deposits locally and a backdrop that features a deteriorating inflation outlook, limited reserves, an external financing gap and an unconventional policy mix that is running up against binding constraints,” Goldman’s Zach Pandl noted in a report, according to Bloomberg. The investment bank has raised USD/TRY forecasts to 7.75, 8, and 8.25 in three, six, and 12 months, respectively, from the previous projection of 7, 7.50, and 8. Key quote “Amid August illiquidity, a discontinuous move in the lira would still reverberate across EM HY markets as investors would likely worry about ‘the next domino to fall’ as a result of the COVID crisis” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500: Futures seek clear directions below 3,350 amid mixed catalysts FX Street 2 years Analysts at Goldman Sachs see more pain for Turkish lira, which fell to a record low of 7.3558 per US dollar on Friday and has depreciated by nearly 23% this year. “Over the short run, risks to USD/TRY are skewed to the upside, given rising foreign currency deposits locally and a backdrop that features a deteriorating inflation outlook, limited reserves, an external financing gap and an unconventional policy mix that is running up against binding constraints,” Goldman’s Zach Pandl noted in a report, according to Bloomberg. The investment bank has raised USD/TRY forecasts to 7.75, 8, and 8.25 in three,… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
