THE DOT - if this turns orange or red be alert

Friday, October 30, 2009

USDTRY update

As expected the strong support at 14450 defended the downmove attack successfuly. The market is now on its way to 1.60 and should test the 1.57/ 60 level within 2 weeks. The TRY will stay under selling pressure and the Dollar will overall advance against all currencies. Turkey is putting against all other countries the citizens under severe economic stress as despite the phony inflation numbers are telling otherwise, the prices are rising allover and the government takes a center stage in that. They have risen various taxes or utility prices and gasoline is almost again at the highs of the oilmarkets 150 level which takes purchasing power out of the mass consumer classes pockets. The current government has lost a lot of ground in polls and today even early elections were discussed which might put the country in a strange position going forward especially if my assumption that markets will drop sharply first half 2010 becomes reality.

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