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Two currencies that are at some of the cheapest levels I’ve seen in 10 years or more….the Turkish lira (TRY) and the Indian rupee (INR). Matter of fact, I think the rupee has hit an all-time low against the dollar.

The EU debt crisis is making money flow away from emerging markets and back to the world’s reserve currency as a defensive measure.

I believe these cheap currencies will get even cheaper though because the crisis still has further to play out and stocks are still falling.

Until that finally comes to an end, these cheap currencies will likely only cheapen further. So don’t be quick to rush in…but do keep these two currencies on your radar.

Yes, lots of emerging market currencies are cheap…but these two have reached further extremities than any of the others. So they will present the greatest values once stock markets finally bottom and the EU crisis is finally over.

Especially watch for a turning point downward on USD/TRY and EUR/TRY. They are very extended but will most likely get much more extended before finally turning southward on lira (TRY) strength.

Sean Hyman
My E-Book
Editor, Currency Cross Trader

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