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FxWirePro: USD/TRY hits 2-week peak, likely to break above 6.8600

  • The Turkish Lira declined to a 2-week trough as the greenback gained across the board.
     
  • The dollar nudged higher, supported by safe-haven flows amid a resurgence of the coronavirus in the United States. 
     
  • However, the downside in the Turkish currency appears limited as better-than-expected inflation data indicated the economy is recovering from the coronavirus impact. 
     
  • Turkey's consumer price inflation rate rose to 12.62 percent year-on-year in June, the highest since August 2019 and above market expectations of 12.09 percent. 
     
  • USD/TRY is trading 0.1 percent up at 6.8551, having hit a high of 6.8580 earlier, its highest since June 18.
     
  • Immediate resistance is located at 6.8710, any close above could take it above 6.8885.
     
  • On the downside, support is seen at 6.8368 (21-EMA) and break below could take it near 6.8288.
  • Market Data
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