USD/TRY navigating lows around 3.03

The Turkish Lira is sharply higher vs. the greenback today, relegating USD/TRY to the 3.02 neighbourhood, or daily lows.

USD/TRY in 3-day lows

Spot is retreating for the third session in a row on Monday after being rejected from all-time highs near 3.10 the figure last Wednesday, all backed by a renewed selling tone in USD and somewhat dwindling concerns over the domestic political scenario following the failed coup attempt.

In the data space, mixed results in Turkey saw Capacity Utilization at 75.7% in July vs. 76.1% from the previous month, while Manufacturing Confidence climbed to 108.0 during the same period, up from June’s 106.8.

USD/TRY key levels

At the moment the pair is retreating 1.27% at 3.0309 facing the immediate support at 3.0090 (low Jul.20) followed by 2.9598 (20-day sma) and finally 2.9190 (200-day sma). On the upside, the next hurdle is located at 3.0965 (all-time high Jul.20).