Here’s what we’re looking at after the first day of the trading week that we’ve finished with mixed feelings:
USD/TRY and Currency Basket remain at high levels. Benchmark rate goes up as well. As for the BIST, it maintains a rather moderate trend, finishing the day with a moderate fall. Similarly, fluctuating trends were dominant over emerging country markets. And European market trends weren’t so stable either.
There were sharp rises in the US markets, which may be triggered by increasing hopes about a possible low-tension talks between the US and China soon. According to some experts, this is a natural reaction followed by last week’s market over-reaction. EU-Turkey Varna summit is another key item on this week’s agenda. As I have mentioned in my earlier reports, three issues stand out as the main protagonists of the summit: EU visa liberalization, Customs Union Agreement update and payment of the remaining funds promised as part of EU-Turkey refugee deal. President Erdoğan’s statements clearly show that these three will be the almost only topics of discussion at the summit.
“Warned you about exchange rates…”
To be honest, it would be a miracle if EU could take a step forward about the visa liberalization and Customs Union agreement update. But first, we hope Turkey can receive the payment of the remaining funds promised as part of EU-Turkey refugee deal.
In short, there’s not much change to latest developments in markets since Friday. But of course, it goes without saying that you should keep close track of exchange rates, benchmark rate, LIBOR rates and global market trends.
I have suggested many times that those in debt should open positions when exchange rates tend to fall. And for those who are currently facing debt problems (because they ley things slide), I now would like to suggest this, “Be patient. Markets always offer opportunities. Sooner or later…” However, they may come at higher price.
