The Euro fell to a yearly low because of Turkey

Курс евро упал до годового минимума из-за Турции

Euro depreciates against the background of the fall of the Turkish Lira

Today, the dollar paired with the Lira rose by 12% is the worst result for Turkish currency in 17 years.

The Euro fell to a one-year low, according to Reuters Friday, August 10.

The weakening of the single European currency is explained by the situation in Turkey. The European Central Bank is concerned that lenders, the EU may suffer because of the fall of the Lira.

Earlier today, the dollar paired with the Lira rose by 12%. This is the worst result for Turkish currency since 2001, when the country was experiencing economic crisis.

Now it is facing a crisis in relations with the US. Therefore, investors withdraw funds from the Turkish assets, preferring to invest in the securities of the U.S. government and the Japanese yen.

It is noted that in the early afternoon the dollar was at the level of 6.21 Lira, which is a new record low for the Turkish currency.

Note, 6 August, the Turkish Lira plummeted to a record of 5.12 per dollar, down YTD by 25%.

Meanwhile, the record establishes and the Russian ruble. Today, the dollar for the first time since August 3, 2016 broke the mark of 67 rubles.

At the same time, the Euro was 76.89 ruble fell against the dollar to the lowest level since July of 2017.

 

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