19 Aug 2015
USD/TRY in fresh cycle highs near 2.95
FXStreet (Edinburgh) - The Turkish lira continues to depreciate vs. the greenback on Wednesday, sending USD/TRY to fresh historical highs beyond 2.9400.
USD/TRY firmer on data, CBRT decision
Inflation figures in the US economy during July have matched expectations today, although market perceptions were clearly USD-supportive, collaborating with the upside.
In addition, the sedative effects of yesterday’s decision by the Turkish central bank – CBRT – continue to weigh on TRY, adding further legs to the pair’s upside.
According to Cristian Maggio, Strategist at TD Securities, “For now, we stick to our negative opinion on rates and currency (we see USDTRY to 3.0 in the short term and higher towards 3.30/3.35 in the coming 10 months), on the backdrop of a messy political situation that sets almost certainly Turkey for early elections”.
USD/TRY relevant levels
At the moment the pair is advancing 1.45% at 2.9367 facing the next resistance at 2.95 and 3.00(psychological level). On the flip side, a breakdown of 2.8655 (low Aug.18) would expose 2.8231 (low Aug.17) and finally 2.7679 (low Aug.13).
USD/TRY firmer on data, CBRT decision
Inflation figures in the US economy during July have matched expectations today, although market perceptions were clearly USD-supportive, collaborating with the upside.
In addition, the sedative effects of yesterday’s decision by the Turkish central bank – CBRT – continue to weigh on TRY, adding further legs to the pair’s upside.
According to Cristian Maggio, Strategist at TD Securities, “For now, we stick to our negative opinion on rates and currency (we see USDTRY to 3.0 in the short term and higher towards 3.30/3.35 in the coming 10 months), on the backdrop of a messy political situation that sets almost certainly Turkey for early elections”.
USD/TRY relevant levels
At the moment the pair is advancing 1.45% at 2.9367 facing the next resistance at 2.95 and 3.00(psychological level). On the flip side, a breakdown of 2.8655 (low Aug.18) would expose 2.8231 (low Aug.17) and finally 2.7679 (low Aug.13).