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USD/TRY muted post-CBRT decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Turkish lira is trading on a softer footing vs. the dollar today, lifting USD/TRY to the 2.87 area.

    USD/TRY stronger on CBRT stance

    The pair kept the composure after the Turkish central bank (CBRT) left the domestic monetary stance unchanged at today’s meeting, with the One-week Repo Rate at 7.50%, the Marginal Funding Rate at 10.75% and the Borrowing Rate at 7.25%, all in line with market expectations. Furthermore, the pair is advancing for the second consecutive session after the lira has appreciated to the 2.80 level during last week.

    Geopolitical issues are also lingering over Turkey today after Turkish jet planes have downed a Russian jet in early morning, although the implications on the FX space remain muted.

    USD/TRY key levels

    At the moment the pair is up 0.59% at 2.8660 with the next hurdle at 2.9148 (50% Fibo of 3.0756-2.7539) followed by 2.9373 (55-day sma) and then 3.0000 (psychological level). On the downside, a breach of 2.8298 (23.6% Fibo of 3.0756-2.7539) would open the door to 2.7577 (200-day sma) and finally 2.7539 (low Nov.2).
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