USD/TRY flirting with daily highs near 3.4500

The Turkish Lira is losing momentum on Tuesday, now helping USD/TRY to climb to fresh tops in the vicinity of the 3.4500 area.

USD/TRY bid after data

The spot is adding to yesterday’s gains after inflation figures in Turkey tracked by the CPI showed consumer prices rose more than expected 10.68% on a year to August and 0.52% inter-months.

Additional data saw manufacturing PMI rising to 55.3 during last month vs. July’s 53.6, while producer prices rose 0.85% on a monthly basis and 16.34% over the last twelve months.

In the meantime, the pair is extending the rebound from Friday’s fresh YTD lows around 3.41 (levels last seen in early December 2016), facing the interim target around the 3.45 handle, where sits the 10-day sma).

USD/TRY key levels

At the moment the pair is up 0.45% at 3.4491 and a breakout of 3.4505 (10-day sma) would aim for 3.4733 (high Aug.31) and finally 3.4889 (21-day sma). On the other hand, the next support lines up at 3.4132 (2017 low Sep.1) followed by 3.3370 (low Dec.8 2016) and then 3.000 (psychological handle).