18 Aug 2015
USD/TRY shoots near 2.90 on CBRT
FXStreet (Edinburgh) - The Turkish lira is depreciating further vs. the US dollar on Tuesday, lifting USD/TRY to fresh cycle highs near 2.90.
USD/TRY stronger on CBRT decision
The pair is picking up pace after the Turkish central bank (CBRT) has left its monetary policy stance unchanged at today’s meeting. In fact, the central bank left intact the One-week Repo Rate at 7.50% and the Marginal Funding Rate at 10.75%, broadly in line with market expectations.
The lira continues to lose ground vs. the dollar, trading closer to the psychological level at 3.0%, level deemed ‘appropriate’ according to officials’ comments in recent weeks.
USD/TRY relevant levels
At the moment the pair is advancing 0.87% at 2.8927 facing the next resistance at the psychological handles at 2.90 and 3.00. 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 stronger on CBRT decision
The pair is picking up pace after the Turkish central bank (CBRT) has left its monetary policy stance unchanged at today’s meeting. In fact, the central bank left intact the One-week Repo Rate at 7.50% and the Marginal Funding Rate at 10.75%, broadly in line with market expectations.
The lira continues to lose ground vs. the dollar, trading closer to the psychological level at 3.0%, level deemed ‘appropriate’ according to officials’ comments in recent weeks.
USD/TRY relevant levels
At the moment the pair is advancing 0.87% at 2.8927 facing the next resistance at the psychological handles at 2.90 and 3.00. 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).