- USD / TRY is trading close to 9,7000, adding weekly gains.
- The pair entered its third consecutive month with gains.
- US nonfarm payrolls surprised to the upside in October.
The downtrend of the lira remains good and solid for another session and pushes to the USD/TRY to daily highs near 9.7500 only to lose some ground soon after.
USD / TRY is still targeting 10,000
USD / TRY is advancing for the fourth consecutive session at the end of the week and is trading slightly below Thursday’s weekly highs at 9.7600.
The solid rally in the dollar has been weighing heavily on risk-linked assets, particularly after the FOMC finally announced the start of the downsizing process at its meeting on Wednesday.
On the lira side, rumors of President Erdogan’s death / illness have been quickly reversed by Turkish officials, although the impact on the exchange rate was modest, if any. Meanwhile, the currency remains stuck in negative territory amid the usual fragile backdrop and following another rally in consumer prices during October published earlier in the week (+ 19.89% YoY).
Technical levels
So far, the pair is gaining 0.23% to 9.7088 and a drop below 9.4722 (November 2 monthly low) would point to 9.4128 (October 26 weekly low) and finally 9.1965 (weekly low before the meeting of the CBRT on October 21). On the other hand, the next ascending barrier is lined up at 9.7657 (monthly maximum of November 4), followed by 9.8395 (historical maximum of October 25) and then 10.0000 (psychological level).
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