USD/TRY faces consolidation below 3.00 – Rabobank

Strategist at Rabobank Piotr Matys sees the Turkish Lira in rangebound trading vs. the greenback below the key handle at 3.00.

Key Quotes

“We maintain our view that USD/TRY is likely to consolidate its gains below the all-time high set at 3.0752, due to the positive outlook for the Turkish economy and significant repricing of market expectations regarding the path of Fed’s tightening”.

“It is encouraging that Turkish stocks are outperforming core markets so far this year with the ISE100 up almost 5% YTD, which reflects growing demand for local assets”.