EUR TRY Investing
Minimum spread- 5
Typical spread- 15
Minimum nominal trade size- 1000
Overnight interest (annual) sell- 9.50%
Overnight interest (annual) buy- 12.90%
Trading hours (GMT) – 24*5
EUR/TRY is the ticker that represents the strength of the euro against the Turkish Lira. The pair is not common in the Forex market and belongs to an exotic group of currency pair. The currency ratio shows how many Turkish liras are needed to buy one euro. In this pair, the euro is the base currency, in relation to the Turkish lira.
The Euro is denoted by the symbol €, while the Turkish lira is denoted by the symbol ₺. The letter designation in the Forex market for Euro and Turkish is EUR and TRY respectively
Euro is a young currency, established in 1999, created on the basis of the European Currency Unit, which replaced a whole galaxy of national currencies of the EU countries. Therefore one of the features of the euro is its susceptibility not only to macro-economic statistics of the entire EU zone but and to individual economies of France, Germany, formerly Great Britain.
The Turkish lira has very interesting history, originally the lira coins were made form gold which was introduced in 1844 after that the Imperial Ottoman Bank introduced paper money which was backed by the Kurus but the lira soon took over the kurus in the mid-1870s. The best feature of this pair is that the pair shows an upward trend with no significant falls for the past two years. The EUR/TRY pair has a high level of spread.
Understanding the EUR/TRY price
The rule to read the price quote is similar to any other pair. In EUR/TRY, the euro represents the base currency in relation to the Turkish lira. Thus when the EUR/TRY rally that means the euro is gaining strength over the Turkish lira, and euro loses its strength when EUR/TRY falls. The price quote of EUR/TRY means the amount of Turkish lira, which is equivalent to one euro. For example, when EUR/TRY quotes 6.40 prices, it means one euro is equivalent to 6.40 Turkish Lira.
Key Factors to keep in mind while trading EUR/TRY
Monetary Policy Impact
The role of the Issuer and the Pan-European Currency Regulator is played by the European Central Bank (ECB). The monetary policy of this body affects almost all currencies of the Forex market. The meetings of the European Central Bank are monitored by the traders as dates and times are known in advance.
The central bank of the republic of turkey, (CBRT) is the body which controls the monetary policy to pursue price stability in turkey. The bank was established in 1931 and has been issuing bank notes for a period of 30 years.
The economic calendar offers a significant amount of information. Some of the most important data are:
- CPI-consumer Price Index
- GDP– gross domestic product
- PMI– purchasing managers index
- Trade balance
Why trade in EUR/USD with CAPITAL STREET
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