The Euro (EUR) is the official monetary unit and currency of the European Union. It was introduced in 1999 and became a circulating currency among 12 EU member states in 2002, thus becoming one of the largest currencies in the world.
The Turkish Lira (TRY) has a history that stretches back to the Ottoman Empire. In fact, it was originally known as the Ottoman Lira and only became the Turkish Lira in 1923 following the creation of the Republic of Turkey. By 1927, the Ottoman Lira ceased to be in circulation, leaving only the Turkish Lira.
Sharp inflation destabilised TRY in the 1970s and, even though it was pegged to USD (after being pegged to Sterling and the Franc), its value decreased significantly. The drop in value led to the creation of a second Turkish Lira in 2005. This not only introduced new denominations and banknotes but the ticket TRY. From this, the forex currency pair EUR/TRY was born.
The Guinness Book of Record ranked the old Turkish Lira as the least valuable currency in the world on multiple occasions (1995, 1996 and from 1999 to 2004). The EUR/TRY price history started at a rate of 1 EUR to 1.99 TRY in 2009. The value of EUR/TRY remained relatively stable until 2015. Since that point, the EUR/TRY price has continued to rise with the exchange rate of EUR to TRY peaking in 2022 at 1 EUR to 18 TRY.
Why trade the EUR/TRY forex price?
EUR to TRY price movements since 2015 have shown that this forex trading pair can be highly volatile. This forex pair isn’t within the most traded in terms of volume, which can lead to liquidity issues. However, the Euro remains one of the biggest and most traded currencies in the world. Therefore, any forex pair that contains this currency will be available to trade online.
Forex currency pairs can be volatile, which is why flexibility can be useful. Investing is the act of buying an underlying asset. Because you own a piece of that asset, you only profit when its value increases above the buy price. Traders don’t buy the underlying asset. Instead, they speculate on the value of an asset, which means they go long or short. Trading EUR/TRY and other currency pairs is the act of speculating on whether the asset’s value (i.e. the currency pair) will increase (going long) or decrease (going short).
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and with low capital investment.