Monday morning open levels - indicative forex prices

Turkish President Erdogan has been speaking publicly over the weekend. He is trying to put some sort of stop to the slide in the currency but with fear (eg. of capital controls, a damaging impact on the economy, further depreciation … in a nutshell the fear on TRY is that if you don't sell it now you'll get a worse rate by holding off) the dominating emotion it'll take drastic action, not just words, to have an impact.

Some of the comments:
current level of exchange rate cannot be explained logically
falling TRY a plot against Turkey
calls on Turks to sell USD/TRY, sell EUR/TRY to support lira
Huh … "calls on Turks to sell USD/TRY, sell EUR/TRY to support lira"
Worst.
Newsletter.
Ever.

Elsewhere, the majors … 'risk' losing out on the fear prevalent in markets, yen a beneficiary

EUR/USD 1.1374
USD/JPY 110.39
GBP/USD 1.2753
USD/CHF 0.9943
USD/CAD 1.3171
AUD/USD 0.7257
NZD/USD 0.6565

And the usual... Monday morning market liquidity is very thin. Prices can swing around on not too much at all, so take care out there. Liquidity improves as more Asian centres come online, USD strength apparent.

Chart: Used with permission of Bloomberg Finance L.P.

Read more:

• NZD/JPY – Short with the main movement after a price action signal
• Jeffrey Gundlach: “USD’s next move is going to be down”
• Here’s a cable forecast for $1.40 till end of 2020
• NZD to 0.59 at end of Q1 2020
• Support for risky currencies as trade war hopes grow