10 Feb 2015
USD/TRY in record highs around 2.5000
FXStreet (Edinburgh) - The Turkish lira depreciated to a fresh record vs. the greenback on Tuesday, lifting USD/TRY to highs around 2.5000.
USD/TRY stronger on Turkish politics
The political storm continues unabated in Turkey, with both the CBRT and premier R.Erdogan being the main protagonists. The Turkish central bank cut its benchmark rate in its January meeting, and it has refused to do it again despite the increasing pressures by the Government. It is worth mentioning that CBRT Governor E.Basci insisted yesterday that he points to lower the CPI to the 5% target from the 7.2% registered in January.
USD/TRY levels to watch
As of writing the cross is advancing 0.86% at 2.4979 with the next resistance at 2.5069 (high Feb.10) and then 2.5100 (psychological level). On the downside, a break below 2.4693 (low Feb.10) would expose 2.4240 (low Feb.6).
USD/TRY stronger on Turkish politics
The political storm continues unabated in Turkey, with both the CBRT and premier R.Erdogan being the main protagonists. The Turkish central bank cut its benchmark rate in its January meeting, and it has refused to do it again despite the increasing pressures by the Government. It is worth mentioning that CBRT Governor E.Basci insisted yesterday that he points to lower the CPI to the 5% target from the 7.2% registered in January.
USD/TRY levels to watch
As of writing the cross is advancing 0.86% at 2.4979 with the next resistance at 2.5069 (high Feb.10) and then 2.5100 (psychological level). On the downside, a break below 2.4693 (low Feb.10) would expose 2.4240 (low Feb.6).