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TRY could gather further pace in the short term – Rabobank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Turkish lira is seen picking up pace in the near-term, according to Piotr Matys, Strategist at Rabobank.

    Key Quotes

    “In the short-term, the battered lira will continue to benefit from potential stability in politics”.

    “We expect the downside to remain vulnerable in EUR/TRY with 3.00 as a valid target in the coming weeks. Below that, the July low at 2.8720 would be next”.

    “It is not only about domestic factors, but the downside pressure on EUR/TRY will be also fuelled by the ECB, which is likely to expand its monthly asset purchase program in December”.

    “The prospect of monetary policy normalisation in the US, which could start as soon as December, should limit the scope for a further pullback in USD/TRY”.
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