FOREX.com warns of TRY rate fluctuations because of Turkish presidential elections
Retail Forex and CFD broker FOREX.com Japan has issued a warning regarding possible market swings due to the upcoming Turkish elections.
The Republic of Türkiye will hold presidential and parliamentary elections on May 14. It is expected that the market open rate on May 15, 2023 (Monday) will deviate significantly from the closing price on May 12, 2023 (Friday). Sudden fluctuations in Forex rates, including the Turkish Lira (TRY), are also possible.
Regarding the Turkish lira (TRY) pairs, there is a possibility that the spread will widen for a certain period of time from the start of trading after today until the market stabilizes. During times when spreads widen significantly and liquidity declines, transactions may occur at unexpected prices. Also, for other currency pairs, market fluctuations may cause spreads to widen or price delivery to temporarily stop.
FOREX.com asks its customers to be aware of the possibility of sudden fluctuations in swap points and market prices, and to manage their positions and funds wisely.
Due to the effects of increased market volatility and decreased liquidity, FOREX.com may take measures such as widening spreads, restricting positions, and raising maintenance margin rates.