OANDA warns of Forex market volatility due to 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.
Presidential and parliamentary elections were held on Sunday, May 14, 2023. Since no candidate received more than 50% of the votes required to be elected, a run-off vote for Turkish president will be held on Sunday, May 28.
Depending on the results, sudden price fluctuations may occur mainly in currency pairs including the Turkish lira (TRY).
There is a possibility that the spread will widen more than usual, or that a divergence (slippage) will occur 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.
The broker asks its clients to be careful when trading and managing positions.