11 Feb 2015
USD/TRY in fresh all-time highs
FXStreet (Edinburgh) - The Turkish lira continues to depreciate vs. the greenback, pushing USD/TRY to fresh all-time highs around 2.5100.
USD/TRY surpasses 2.50
The increasing bearishness around the Turkish currency keeps bolstering the pair’s upside to historic highs beyond 2.51. The ascent is of course reinforced by the re-emergence of the buying interest in the US dollar.
It is worth noting that discrepancies between PM R.Erdogan and the CBRT remain the main source of political effervescence in Turkey, with the Government pushing for further rate cuts.
USD/TRY levels to watch
As of writing the cross is advancing 0.52% at 2.5093 with the next resistance at 2.5148 (high Feb.11) and then 2.5200 (psychological level). On the downside, a break below 2.4693 (low Feb.10) would expose 2.4240 (low Feb.6).
USD/TRY surpasses 2.50
The increasing bearishness around the Turkish currency keeps bolstering the pair’s upside to historic highs beyond 2.51. The ascent is of course reinforced by the re-emergence of the buying interest in the US dollar.
It is worth noting that discrepancies between PM R.Erdogan and the CBRT remain the main source of political effervescence in Turkey, with the Government pushing for further rate cuts.
USD/TRY levels to watch
As of writing the cross is advancing 0.52% at 2.5093 with the next resistance at 2.5148 (high Feb.11) and then 2.5200 (psychological level). On the downside, a break below 2.4693 (low Feb.10) would expose 2.4240 (low Feb.6).