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USD/TRY looks sidelined around 5.80, focused on CBRT event

The Turkish Lira is now losing some momentum and continues to fade part of yesterday’s gains, taking USD/TRY to the 5.80 region. USD/TRY cautious a

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The Turkish Lira is now losing some momentum and continues to fade part of yesterday’s gains, taking USD/TRY to the 5.80 region.

USD/TRY cautious ahead of CBRT decision

The pair is attempting a consolidative scheme so far this week, recovering some ground lost after last week’s lows in the 5.65 region.

In the meantime, the cautious tone is expected to growth bigger around TRY ahead of tomorrow’s interest rate decision by the Turkish central bank (CBRT). According to a Reuters poll, the central bank is seen keeping the One-Week Repo Rate unchanged at 24.0% at its meeting tomorrow.

Other than the CBRT meeting, Turkish Treasury Cash Balance for the month of May is also due on Wednesday seconded by June’s End Year CPI

Forecast (Friday). Later today, US Producer Prices should keep the centre of attention on the buck.

What to look for around TRY

The Turkish Lira is losing some momentum after clinging tops in the 5.65 area vs. the greenback during last week, coincident with the 200-day SMA. As usual, trade effervescence should remain as key driver […] well as sanctions over Iranian crude oil exports. Additionally, the independence and credibility of the CBRT should remain under the microscope against the omnipresent conflict between the government and the bank’s authorities.

USD/TRY key levels

At the moment the pair is gaining 47% at 5.7908 and faces the next up barrier at 5.9413 (21-day SMA) followed by 6.1516 (high May 23) and then 6.2457 (2019 high May 9). On the flip […]

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