26 Oct 2015
USD/TRY seen at 3.10 in 6-month – Danske Bank
FXStreet (Edinburgh) - Strategist at Danske Bank Vladimir Miklashevsky expects the pair to trade in the 310.00 area in the medium term.
Key Quotes
“Recently, the Turkish lira has been under pressure from the political risks despite some support form the EM rally”.
“We expect the lira to weaken on a three-month horizon as we expect the Fed to hike in Q1 16. However, we forecast a correction in the USD/TRY in the long run on Turkey’s sustainable macro indicators”.
“Consequently, we have adjusted our forecasts: 3M to 3.12 (from 3.16), 6M to 3.10 (3.20) and 12M to 2.80 (3.10)”.
Key Quotes
“Recently, the Turkish lira has been under pressure from the political risks despite some support form the EM rally”.
“We expect the lira to weaken on a three-month horizon as we expect the Fed to hike in Q1 16. However, we forecast a correction in the USD/TRY in the long run on Turkey’s sustainable macro indicators”.
“Consequently, we have adjusted our forecasts: 3M to 3.12 (from 3.16), 6M to 3.10 (3.20) and 12M to 2.80 (3.10)”.