USD / TRY hits new all-time highs near 13,2000

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  • USD / TRY is moving above 13.0000.
  • The lira remains depressed as bets on additional rate cuts rise.
  • Investors’ attention shifts to Thursday’s CPI release.

The Turkish lira extends the fall and raises the USD/TRY to new all-time highs near 13,2000 on Tuesday.

USD / TRY attentive to data and CBRT

The USD / TRY advanced for the third consecutive session on Tuesday and registered new all-time highs close to 13,2000, always as a consequence of the intense depreciation of the Turkish currency.

Indeed, President Erdogan’s recent defense of the Turkish central bank’s low-rate policy did nothing more than put the lira under additional downward pressure, pushing the pair to new highs.

Meanwhile, all attention is expected to be on the release of Turkey’s inflation figures on Thursday, and the consensus is pointing to a reading above 20% in November.

Technical levels

So far, the pair is gaining 2.59% at 13.1069 and a drop below 11.5451 (Nov 24 low) would expose 10.8767 (20-day SMA) and then 9.7214 (55-day SMA). On the other hand, the next rising barrier is lined up at 13.1838 (November 24 all-time high) followed by 14.0000 (round level).

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