Tuesday 10, October 2017 by William Mullally

Wave of selling of Turkish currency

Mihir Kapadia, CEO and Founder, Sun Global Investments

In overnight trading in Asia, many markets remain closed but those which are open seem to be mixed. 

We had some data showing a slight slowdown in the rate of growth of the Chinese economy which is nonetheless set to again become the fastest growing large economy as India falters. Activity in China's service sector slowed in September, a private sector survey showed and this is in contrast with official data showing a faster pace of activity.

The Caixin China services purchasing managers' index slipped to 50.6 in September from 52.7 in August, marking a 21-month low. A reading above 50 indicates an expansion in activity from the previous month, while a result below that points to a contraction. The growth of both new orders and output in the service sector slowed in September, Caixin said.

A visa dispute between the US and Turkey has sparked a wave of selling in the Turkish currency in Asian trading. The Turkish lira lost as much as 4.1 per cent of its value against the dollar before a slight recovery.  

 

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