OANDA Securities warns of TRY rate fluctuations because of Turkish presidential elections
OANDA Securities, the Japanese subsidiary of online broker OANDA Corporation, has issued a warning regarding market fluctuations around the upcoming Turkish presidential elections.
On May 14, 2023, the Republic of Türkiye will hold presidential and parliamentary elections. If no candidate reaches a majority, a runoff vote will be held on May 28 between the top two candidates for president.
Depending on the results, sudden price fluctuations may occur in the early morning of May 15, 2023. These swings are expected to affect currency pairs including the Turkish lira.
There is a possibility that the spread will widen more than usual, or that there will be a divergence (slippage) between the order price and the execution price.
In addition, depending on the market environment, all or part of an order may take time to execute or the transaction may not be completed.
OANDA advises traders to be careful when trading and managing positions.
Similar warnings have been issued by FOREX.com and IG.