Having flirted with the 8.00 level during the European morning on Tuesday, USD / TRY has convincingly surpassed this level to the upside in recent trading. Higher oil prices, weak manufacturing data and ongoing diplomatic disputes with the EU are hurting confidence. The Turkish lira has been on the defensive for the second day, with […]
Tag: USDTRY
Firmer USD / TRY Testing Weekly Highs Above 8.0000
USD / TRY extends the rally above 8.00. The lira remains on the defensive as the sell bias accelerates. Turkey’s manufacturing confidence fell to 103.9 this month. The Turkish lira extends lower for another session on Tuesday and raises to USD/TRY back to the area above the 8.00 psychological level, only to regress later. USD […]
USD / TRY stabilizes near multi-day highs, visual test of key resistance zone 7.95-8.00
USD / TRY posted a sharp pullback to the upside on Monday, despite positive rhetoric from the CBRT governor. The pair appreciated more than 3% on the day, climbing above last week’s highs around 7.80 to get closer to 7.90. The USD/TRY it rallied higher on Monday, rebounding from Monday’s Asian session opening levels at […]
USD / TRY rises to multi-day highs near 7.90
USD / TRY regains bullish traction and is approaching 7.90. The lira continues to give away gains after the recent rally. Investors are closely following the post-CBRT exchange rate rise. The Turkish lira start the week on the defensive and raise the USD/TRY to multi-day highs near the 7.90 level. USD / TRY back to […]
USD/TRY bounces off lows around 7.50
USD/TRY’s decline meets support near the 100-day SMA. The lira extends gains for the second session in a row so far. Investors continue to closely follow the CBRT and domestic politics. The Turkish lira leaves behind part of the recent gains and pushes USD/TRY back to the 7.60/65 band at the end of the week. […]
USD / TRY gains downside momentum after CBRT, appears to break 7.50
Following Thursday’s big rate hike from CBRT, USD / TRY has broken below 7.60 and continued to push lower. Significant support areas were located just before 7.50, 7.40 and between 7.20-30. The USD/TRY has posted an impressive drop today of over 1,500 pips (or roughly 2%), with the strength of TRY inspired by a big […]
Consolidation below 7.80 before CBRT
Volatile hours ahead for the Turkish lira after the CBRT meeting. USD / TRY maintains a bearish bias in the short term. The USD/TRY is poised to post the fourth consecutive daily close around the 7.65 / 70 area as it continues to consolidate after the sharp correction from all-time highs. The current bias points […]
USD / TRY is trading cautiously around 7.70, with eyes on CBRT
USD / TRY extends laterality around 7.70. The markets’ attention remains on the key CBRT meeting. The consensus foresees an interest rate hike of (at least) 500 bp. The Turkish lira extends the consolidation mood for another session and leads to USD/TRY to the region of 7.70 on Wednesday. USD/TRY mira al CBRT USD / […]
USD / TRY extends bounce from 7.60, all eyes on CBRT
USD / TRY adds to Monday’s gains and tests 7.80. Strong support emerged at the 7.60 area so far (Nov 13/16). The consensus expects the CBRT to raise rates by 500 bps. The Turkish lira has started the week on the left foot and pushes the USD/TRY back to the 7.80 region on Tuesday. USD […]
USD / TRY capped below 7.7550 consolidating at six-week lows
USD / TRY remains capped below 7.7550 after a 10% selloff last week. Erdogan’s plan to introduce a new economic model has boosted the lira. The US dollar could have hit a major top at 8.58 – Commerzbank. The U.S. dollar it remains unable to break away from last week’s lows just below 7.6000 and […]