USD/TRY shoots to highs near 2.9200

The Turkish lira is now depreciating further vs. the greenback, lifting USD/TRY to fresh tops in the vicinity of the 2.92 handle.

USD/TRY higher post-GDP data

The pair has picked up further upside pressure following a continuation of the bid tone around the US Dollar.

Furthermore, TRY seems to ignore the better-than-expected results from the Turkish docket today, where GDP figures showed the economy has expanded at an annualized pace of 4.8% during the first quarter and the Current Account deficit has come in at $2.96 billion vs. $3.2 billion expected and down from March’s $3.68 billion.

The pair is thus posting multi-day peaks after bottoming out in sub-2.8800 levels earlier in the week.

USD/TRY key levels

At the moment the pair is advancing 0.91% at 2.9181 facing the immediate hurdle at

2.9255 (200-day sma) followed by 2.9400 (20-day sma) and then 2.9700 (high May 30). On the downside, a break below 2.8912 (55-day sma) would pave the way for a test of 2.8775 (low Jun.8) and finally 2.7865 (2016 low May 2).