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USD/TRY around 3.03 on CBRT

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Turkish lira keeps the bullish tone today, with USD/TRY hovering around the 3.03 handle following the CBRT interest rate decision.

    USD/TRY firmer on CBRT

    The pair is losing ground for the second session in a row, albeit bouncing off daily lows after the Turkish central bank (CBRT) has left its monetary policy stance unchanged at today’s meeting.

    In fact, the CBRT left the Borrowing Rate at 7.25%, the One-Week Repo Rate at 7.50% and the Lending Rate at 10.75, all in line with previous forecasts and delaying once again the already promised policy shift.

    In the meantime, TRY continues to flirt with record low levels recorded earlier in the month above 3.05 amidst rising consumer prices in the domestic economy.

    USD/TRY levels to watch

    As of writing the pair is losing 0.13% at 3.0322 facing the next support at 2.9833 (20-day sma) followed by 2.9315 (55-day sma) and finally 2.9046 (50% Fibo of 2.7544-3.0548). On the upside, a surpass of 3.0548 (high Jan.14) would expose 3.0754 (monthly high Aug.23).
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