EURTRY is an exotic cross pair that consists of the Euro and the Turkish lira. The single European currency acts as the base currency, while the Turkish currency is the quote one. EURTRY is characterized by high volatility and rather stable long-term trends in Forex.
The single euro currency is used throughout the European Union, which includes countries with different levels of economic development. The population of the Eurozone is about 350 million people, and the region's economy has a complex and diversified structure. Services and trade account for the largest percentage of GDP. Next comes industry, and only a small share is occupied by agriculture.
The Turkish lira (TRY) is the official currency of Turkey. A favorable climate and fertile soils contribute to the development of agriculture. Trade and services account for a significant part of GDP. This economic sector is quite developed, especially in the resort tourist areas. The industrial sector also accounts for a significant share of GDP. The food, chemical, and textile industries are highly developed in Turkey. The exchange rate of the Turkish lira mainly depends on the state of the tourism industry and the socio-political situation in the country. The Turkish lira has the most significant influence on the EUR/TRY exchange rate fluctuations, so the main drivers of the pair's exchange rate will be those associated with Turkey.
However, socio-political factors and important economic news in the Eurozone should not be ignored. Due to the unstable exchange rate of the Turkish national currency, the movements of the EURTRY pair are subject to strong fluctuations both in the short and medium-term. Movements of this trading instrument per day can reach 500-700 points, which significantly exceeds the daily fluctuations of most major pairs. With this in mind, you can successfully trade the EUR/TRY pair, making decent money in a short time.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
