EUR/TRY Forex Trading
EUR/TRY Live Charts
Use our EUR/TRY live charts to get the most up-to-date insight into the recent performance of this pair and other currency pairs used in forex trading. It can help you make informed decisions at home or on the go – no matter if you use the TickTrader desktop platform, web terminal, or mobile app. Our real-time FX EUR/TRY chart includes the very latest price, historical data, and technical analysis tools to help guide your next trade.
What Is EUR/TRY Trading?
Forex traders looking for an exotic currency pair might be interested in EUR/TRY, which represents the value of the euro in relation to the Turkish lira. The euro is the second most-traded world currency. The lira is the legal tender of a developing nation, Turkey.
The EUR/TRY forex pair represents the amount of Turkish lira you need to spend to buy one euro. Markets of other currencies related to EUR/TRY to different degrees are USD/TRY, TRY/JPY, and EUR/USD.
Introduced in 1844, the Turkish lira was initially stable, but since the late 1970s, inflation in Turkey has been tough. To combat it, the country implemented a new Turkish lira in January 2005, which was equivalent to 1,000,000 units of the old currency. According to the Bank for International Settlements, TRY ranked the 27th currency in terms of daily volume in the forex market as of April 2022.
The euro, a common currency shared by 20 European Union countries, was launched in January 1999. At first, it was used only for accounting purposes and electronic payments. But three years later, euro banknotes and coins were introduced. The euro is managed by the European Central Bank (ECB) based in Frankfurt am Main, Germany. The ECB is responsible for monitoring and maintaining the euro’s stability.
EUR/TRY Historical Performance
In 2005, when the new lira was introduced, the euro to lira exchange rate was approximately 1.80. Between 2018 and 2021, the pair’s performance was unstable, the highest rate was 10.20, and the lowest was 4.47.
In the last two years, the currency pair showed increased volatility, with the highest rate around 20.77 and the lowest around 8.36. The average rate for 2021-2022 was 15.09. The lira lost 44% of its value in 2021 due to a debt crisis.
Until the beginning of 2023, the pair has been rising, so forecasts suggest traders may witness a long-term increase but be aware of the risk involved.
Major Factors That Affect the EUR/TRY Pair
Although the euro is a stable currency, its rate is also affected by European economic conditions and the ECB monetary policies.