- USD/TRY rises to fresh 2022 highs around 15.50.
- Turkey’s industrial production expanded by 9.6% year-on-year in March.
- Turkey’s retail sales increased by 0.3% mom also in March.
the turkish lira continues down and up USD/TRY to new 2022 highs in the 15.50 area on Friday.
USD/TRY rises on USD strength, geopolitics
USD/TRY extends monthly rebound for seventh day in a row on Friday as dollar rally continues unabated and geopolitical concerns keep lira on the defensive so far.
At the last moment, President Erdogan was not heard from citing Switzerland and Finland amid rising tensions between the West and Russia over the war in Ukraine.
Cautious data in Turkey for the month of March, retail sales expanded by 0.3% MoM and 2.5% in the last twelve months. In addition, industrial production expanded by 9.6%, exceeding initial estimates.
What to look for around TRY
USD/TRY remains on the upside once again and is already behind the 15.00 barrier. So far, price action in the Turkish currency is expected to move around energy price performance, broad risk appetite trends, Fed rate path and Ukraine war developments. . Additional risks facing the TRY also come from the domestic backyard, as inflation shows no signs of abating, real interest rates remain firm in the negative, and political pressure to keep the CBRT biased low remains. being an ombist
Technical levels
So far the pair is gaining 0.63% at 15.4618 and faces the next hurdle at 15.4832 (13th May high) boosted by 18.2582 (20th Dec all-time high) then 19.00 (round level). On the other hand, a drop below 14.6836 (monthly low May 4) would expose 14.5458 (monthly low Apr 12) and finally 14.5136 (weekly low Mar 29).
Source: Fx Street
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