- USD/TRY at new 2022 highs near 16.80.
- The strong recovery of the dollar pushes the pair higher.
- The results of the cash balance of the Turkish Treasury come later.
The strong tone across the board in the USD motivates the USD/TRY to continue advancing and mark new highs of 2022 in the vicinity of 16.80 on Tuesday.
USD/TRY: Next move higher is all-time high beyond 18.00
USD/TRY adds to the positive start to the trading week and navigates the 16.70/80 band, or new all-time highs, so far this year.
The pair’s bullish move remains well underpinned by the bullish momentum around the dollar ahead of next week’s FOMC meeting. In fact, the better performance of the US dollar weighs on the risk complex and underpins exits from the emerging market currency space and other dollar-denominated assets.
On the Turkish calendar, the Treasury cash balance for the month of May will be released later in the session.
What to look for around the TRY
USD/TRY holds the underlying bullish bias solidly and is now approaching the 17.00 zone, an area that was last traded in December 2021.
So far, the price action of the Turkish currency is expected to revolve around the evolution of energy prices, the general trends in risk appetite, the path of the Fed rates and the events of the war. in Ukraine.
Additional risks facing the TRY also come from the backyard, as inflation shows no signs of abating, real interest rates remain entrenched in negative, and political pressure for the CBRT to move toward interest rates Low interest is still ubiquitous.
key levels
So far the pair is gaining 1.14% at 16.7521 and faces the next upside barrier at 16.7713 (2022 high Jun 7), seconded by 18.2582 (all-time high Dec 20) and then 19.00 (round level). . On the other hand, a break of 16.3136 (monthly low Jun 3) would target 16.1431 (low May 27) and eventually 15.6684 (low May 23).
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
