Seeking Alpha

Growth Aces'  Instablog

Growth Aces
Send Message
GrowthAces.com is an independent macroeconomic research consultancy for traders. We offer you daily forex analysis with forex trading signals. The service covers forex forecasts and signals for following currencies: EUR, USD, GBP, JPY, CAD, CHF, AUD, NZD as well as emerging markets. Our... More
My company:
Growth Aces
My blog:
  • Eyes On Presidential Election In Turkey 0 comments
    Aug 8, 2014 2:59 PM

    ECONOMIC CALENDAR

    (click to enlarge)

    USD/TRY

    • Tayyip Erdogan is the clear favourite of Turkish presidential election that will take place on Sunday. He is set to secure his place in history as Turkey's first popularly-elected president. Until now, Turkish presidents have been chosen by parliament. Electoral rules ban the publication of opinion polls in the immediate run-up to the vote, but two surveys last month put Erdogan's support on 55-56 percent. This is 20 points ahead of the main opposition candidate, Ekmeleddin Ihsanoglu, and enough to secure the simple majority needed to win in the first round. Erdogan's vision for a strong, hands-on president sets him in sharp contrast with his main rival who has warned against an executive-style system, arguing that the head of state should be impartial and rise above the turbulence of daily politics.
    • Industrial production rose in June by 0.1% mom and 1.4% yoy vs. growth by 3.5% yoy a month earlier.
    • The USD/TRY increased to 2.1873 on Friday, its highest since March 31, from 2.1670 late on Thursday as a sell-off of risky assets continued over tension from conflicts in Ukraine and Iraq. The USD/TRY is being traded below the Thursday's close at the time of writing. In our opinion no positions on the USD/TRY are justified from the risk/reward perspective.

    Significant technical levels:

    Resistance: 2.1873 (high Aug 8), 2.1970 (Mar 28), 2.2220 (high Mar26)

    Support: 2.1514 (low Aug 7), 2.1200 (low Aug 5), 2.1078 (low Jul 30)

    EUR/PLN

    • Our yesterday's position reached the stop-loss level of 4.2185. In our opinion no positions on the EUR/PLN are justified from the risk/reward perspective.

    Significant technical levels:

    Resistance: 4.2250 (high Aug 8), 4.2336 (high Mar 18), 4.2463 (high Mar 13)

    Support: 4.1875 (low Aug 7), 4.1800 (low Aug 6), 4.1600 (low Aug 5)

    We have currently no trading positions on CEE markets.

    We encourage you to subscribe to our daily fundamental macroeconomic analysis newsletter (http://growthaces.com) to read the full version of our analysis right away.

    Thank you for reading.

    Growth Aces

Back To Growth Aces' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.