The brokerage company IG has informed its clients about possible volatility in the Forex market due to the upcoming presidential elections in the Republic of Turkey.
As none of the presidential candidates in Turkey received more than 50% of the votes in the May 14th election, the second round of the election has been announced for Sunday, May 28th.
According to the FNG portal, liquidity in the Turkish Lira (TRY) market dropped sharply on May 14, the day of the parliamentary and presidential elections in Turkey, as a result of which online trading in this instrument was suspended by many brokers.
The broker believes that there is a high probability that the Turkish Lira market will continue to show high volatility in the second half of this week and the first half of next week during the second round of the elections, which will directly depend on the election results.
The company urges traders to be aware of all the risks involved in trading the Turkish Lira on Monday and to exercise extra caution to avoid losses.
There is also a risk that Monday's opening rate will be significantly different from Friday's closing rate.
IG warns that it may not be able to provide trading rates for currency pairs with the Turkish Lira due to reduced liquidity. In addition, margin requirements for new orders and/or maintenance margins for open positions are subject to change without notice.
Earlier, we wrote that broker IG presented a table for estimating the cost of holding a position.
IG Markets was founded in 1974 and is a structural division of IG Group Corporation. The main activity of the broker is the provision of services for trading derivative financial instruments (CFD).
