Recep Erdogan won yesterday’s presidential election after his Justice and Development Party, together with Nationalist Movement Party, grabbed the majority of the seats in the parliament. See how this affected the Turkish lira and other global currencies.
With Inauguration Day upon us, the US dollar retreated from earlier highs on Donald Trump’s recent call for a more competitive greenback. As the world’s sole reserve currency, when the dollar goes, so does the rest of the world. In our new series, we look at how post-election forex challenges could affect dollar-based corporate payments and transfers in the months ahead.
The dollar is higher versus most major pairs as it continues to surge in the aftermath of the 2016 presidential election. The shock victory by Donald Trump is being taken in stride by the market after the initial recalibration of democratic win expectations. The dollar had been higher for most of the year given the Fed’s insistence a rate hike is coming. The comments by president-elect Trump on spurring growth by ending the austerity that has been prevalent in the developed world following the 2008 crisis has boosted the currency and global stocks higher.