Alpari has made an announcement to its clients that starting from today, the brokerage will be adding some new currency pairs and metals to its portfolio. In the aftermath of the Turkish election and in response to increasing demand from traders to take advantage of the wild swings on the Turkish lira market, Alpari is adding 4 currency pairs that include the currency.
Trader will be able to take advantage of the Turkish lira via trading USD/TRY, EUR/TRY, GBP/TRY and TRY/JPY. The news comes just after much uncertainty was removed from the market in Turkey. The currency was actively traded over the past year and declined materially against its peers in recent quarters.
In addition to the Turkish lira, Alpari is also enabling the trading of gold and silver via the euro, the British pound, the Australian dollar and the Swiss franc. The increasing demand to hedge currency exposure via precious metals could well be behind the broker’s move.
Last but not least, Alpari is adding platinum and palladium to its set of precious metals traded against the US dollar. The metals have been in heavy demand from traders since both diverged away from the gold market in their own direction supported by changing fundamentals.
An expanded portfolio of precious metals will help the company retain existing clients and attract new ones. The move is aiming at a small niche in the market, which in the long run could prove to be a valuable addition to trading volumes across the broker’s supported platforms.
Source: Finance Magnates