FxWirePro: Turkish Lira hovers towards 1-1/2 year trough despite CBRT set to cut interest rates
The Turkish Lira declined, hovering towards a 1-1/2 year low hit in the previous session following soft consumer confidence figures. Turkey's consumer confidence index fell to a record low of 54.9 in April from 58.2 in t…
The Turkish Lira declined, hovering towards a 1-1/2 year low hit in the previous session following soft consumer confidence figures.
Turkey's consumer confidence index fell to a record low of 54.9 in April from 58.2 in the prior month.
USD/TRY is trading 0.1 percent higher at 6.9785, having hit a high of 6.9968 on Monday, its highest since August 2018.
Investors now await the Central Bank of the Republic of Turkey's policy decision, where it is expected to cut its benchmark interest rate by 50 basis points to 9.25 percent.
Immediate resistance is located at 7.0065, any close above could take it above 7.0102.
On the downside, support is seen at 6.9306 (5-DMA) and break below could take it near 6.9126.
