- USD / TRY rises and spikes around 8.20.
- TRY weakens due to geopolitical concerns, balance of payments crisis.
- A Turkish court sentences an American worker to 5 years in prison.
The selling pressure around the Turkish lira increases minute by minute and raises the USD/TRY to new all-time highs around 8.20 on Tuesday.
USD / TRY focused on geopolitics, Balance of payments
USD / TRY advances for the fourth consecutive session at levels well above 8.00, always due to growing concerns about the (imminent?) Probability of a balance of payments crisis, lack of credibility in the Turkish central bank (CBRT) and growing geopolitical concerns, with the US and the EU at the center of the debate.
In addition, a Turkish court sentenced an American worker to 5 years in prison on terrorism charges, which at the same time opens another door to possible American sanctions (in addition to those that have haunted the country since the purchase of the Russian anti-missile defense system S -400).
Technical levels
At the moment, the pair is gaining 1.39% at 8.1892 and faces the next hurdle at 8.2002 (all-time high on October 27). On the downside, a drop below 7.7787 (Oct 22 low) would expose 7.6294 (Oct 1 monthly low) and finally 7.6124 (55-day SMA).
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Credits: Forex Street
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