- USD / TRY adds to Monday’s gains and is approaching 8am.
- Weekly support emerges in the region of 7.74 (Monday).
- Turkey’s manufacturing PMI fell to 51.40 in November.
The lira starts the week on the defensive and raises the USD/TRY back to the 7.90 region on Tuesday.
USD/TRY se acerca a 8.00
USD / TRY adds to the optimism seen on Monday and rises to the 7.91 area on Tuesday despite extensive selling pressure surrounding the dollar.
In fact, the pair appears to have resumed the upside as market participants continue to sell the lira in light of the strong gains recorded in November. Meanwhile, and investors continue to closely monitor any developments from the Turkish central bank (CBRT), the geopolitical front, this time between Turkey and the EU, could generate some episodes of volatility and weigh on the TRY.
Earlier in the session, Turkey’s manufacturing PMI fell to 51.9 for the month of November (from 53.9), while investors are expected to turn their attention to the release of November inflation figures on Thursday. From the United States, Powell’s Senate testimony will take center stage later in the American session, seconded by the ever-relevant ISM Manufacturing.
Technical levels
At the moment, the pair is gaining 0.64% at 7.8540 and is facing the next resistance at 8.0423 (weekly high on Nov 24) followed by 8.5777 (all-time high on Nov 6) and finally 9.0000 (psychological hurdle). On the other hand, a dip below 7.5757 (100-day SMA) would expose 7.5119 (monthly low on November 20) and then 7.3970 (horizontal support line from the top of August).
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