- USD / TRY extends the bearish leg towards 7.35.
- Turkey’s central bank leaves one-week repo rate unchanged at 17.00%.
The Turkish lira is holding firm, taking USD / TRY to the lowest level in six days near the 7.35 zone. The pair falls for the third day in a row, and maintains the bias after the announcement of the central bank of Turkey and before a higher demand for emerging market assets.
He Central Bank of the Republic of Turkey (CBRT) left the one-week repurchase rate unchanged at 17.00% at its Thursday meeting, in line with market expectations.
The central bank noted the strong pace of economic recovery in the country, although it remains concerned about high inflation and inflation expectations. The CBRT committed to maintaining a restrictive monetary policy stance to achieve financial, macroeconomic and price stability.
USD / TRY key levels
Right now, the pair is shedding 0.40% at 7.3730 and a drop below 7.3485 (200-day moving average) would expose 7.2391 (2021 low of Jan 7) and then 7.2019 (low of Aug 21). On the other hand, the emerging resistances at 7.4228 (January 21 high), 7.5415 (2021 January 18 high) and 7.6884 (55-day simple moving average).
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
