- USD / TRY is moving higher and is trading near 8.40.
- A 7.1 magnitude earthquake struck Turkey’s Izmir province and parts of Greece.
- The lira depreciated to another record low against the dollar on Friday.
Another day, another fall in the Turkish currency. In fact, another daily collapse of the lira sends the USD/TRY to new all-time highs near 8.40.
USD/TRY mira a CBRT, geopolÃtica
USD TRY extends the rally and is trading near 8.40 at the end of the week, sailing for the seventh day in a row with gains at the same time.
It should be remembered that the pair has advanced almost 9% so far this month, the best monthly performance since August 2018, when it appreciated more than 33% in the midst of a deep exchange rate crisis.
Geopolitical concerns, including the conflict in Greece and the Caucasus, as well as mounting bets for sanctions from the EU and the US, add to the already strong sell-off in response to declining credibility at the central bank. (CBRT) and its ability to address currency weakness and the persistent drain on foreign exchange reserves.
The latest news in Turkey says that a 7.1 magnitude earthquake shook Izmir province and was also felt even in Athens.
Key levels
At the moment, the pair is gaining 0.90% at 8.3482 and faces the next hurdle at 8.3822 (all-time high on Oct 30). On the downside, a drop below 7.7787 (Oct 22 low) would expose 7.6294 (Oct 1 monthly low) and finally 7.5082 (Sept 25 low).
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Credits: Forex Street
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