26 Mar 2015
Turkish lira could end the year around 2.62 vs. the dollar – Scotiabank
FXStreet (Edinburgh) - In the opinion of strategists at Scotiabank, the Turkish currency could end the current year around 2.62 against the US dollar.
Key Quotes
“The Turkish lira (TRY) continued to extend losses against the US dollar (USD) over the past month”.
“After hitting a record-low on February 11th, the USDTRY has drifted lower again after the Central Bank of the Republic of Turkey (CBRT) announced another interest rate cut”.
“Amid prospects for US monetary normalization, the dovish CBRT will continue to exert downward pressure on the TRY this year, which is forecast to end 2015 at 2.62 against the USD”.
“Improving economic fundamentals should support a modest appreciation in the USDTRY through the end of 2016 to 2.55”.
Key Quotes
“The Turkish lira (TRY) continued to extend losses against the US dollar (USD) over the past month”.
“After hitting a record-low on February 11th, the USDTRY has drifted lower again after the Central Bank of the Republic of Turkey (CBRT) announced another interest rate cut”.
“Amid prospects for US monetary normalization, the dovish CBRT will continue to exert downward pressure on the TRY this year, which is forecast to end 2015 at 2.62 against the USD”.
“Improving economic fundamentals should support a modest appreciation in the USDTRY through the end of 2016 to 2.55”.