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USD/TRY testing 2.80 on CBRT decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Turkish Lira is sharply appreciating vs. the greenback today, now dragging USD/TRY to multi-day lows around 2.80.

    USD/TRY lower post-CBRT

    The pair has seen its downside accelerated after the Turkish central bank (CBRT) has lowered its Marginal Funding Rate by 50 bp to 10.0%, in line with expectations, while both the Borrowing Rate and the One-Week Repo Rate remained unchanged at 7.25% and 7.50%, respectively.

    In the meantime, spot navigates 2-week lows near the critical support at 2.80 the figure, against the backdrop of USD/EM-dynamics, domestic political effervescence and geopolitical risks.

    USD/TRY key levels

    At the moment the pair is losing 0.60% at 2.8140 facing the next support at 2.8020 (2016 low Apr.4) followed by 2.7540 (low Nov.2 2015) and then 2.6240 (monthly low Jul.14 2015). On the other hand, a surpass of 2.8407 (20-day sma) would aim for 2.8720 (high Apr.14) and finally 2.8889 (55-day sma).
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