FxWirePro: Turkish Lira hits 1-week low on President Erdogan comments
The Turkish Lira slumped to a 1-week low after President Tayyip Erdogan said the economy must keep the wheels turning amid a worsening coronavirus outbreak. On Monday, Turkey’s central bank lowered the maximum interest r…
The Turkish Lira slumped to a 1-week low after President Tayyip Erdogan said the economy must keep the wheels turning amid a worsening coronavirus outbreak.
On Monday, Turkey’s central bank lowered the maximum interest rates that banks can charge on credit card debt, while interest rates on overdue borrowing were reduced to 1.55 percent from 1.7 percent.
USD/TRY is trading 0.1 percent higher at 6.5680, having hit a high of 6.6004 earlier, its highest since March 23.
Momentum indicators are bullish - RSI strong at 70, MACD supports upside and Stochs are at oversold levels.
Immediate resistance is located at 6.6085, any close above could take it above 6.6144.
On the downside, support is seen at 6.5210 and break below could take it near 6.4942.
