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USD/TRY turns positive on CBRT decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Turkish lira is now surrendering initial gains vs. the dollar, taking USD/TRY to the 2.91 area following the CBRT decision.

    USD/TRY trims losses post-CBRT

    The pair is strongly rebounding from the 2.8980 area after the Turkish central bank has kept unchanged its monetary policy stance at today’s meeting, leaving the One-Week Repo Rate at 7.50%, the Overnight Borrowing Rate at 7.25% and the Overnight Lending Rate at 10.75%, all in line with consensus expectations.

    Today’s decision was largely anticipated by investors, which remain more concerned on the domestic economic growth, financial stability and inflation in light of the November 1 elections. On the FX side, the lira is expected to keep tracking the broader risk appetite trends for the time being.

    USD/TRY levels to consider

    As of writing the pair is up 0.33% at 2.9099 facing the next hurdle at 2.9477 (55-day sma) followed by 2.9640 (high Oct.14) and finally 3.0754 (ytd high Sep.24). On the other hand, a breach of 2.8740 (low Oct.15) would expose 2.8398 (100-day sma) and then 2.7675 (38.2% Fibo of 2.2691-3.0754).
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