FxWirePro: Turkish Lira near 1-1/2 year trough on coronavirus lockdown criticism
The Turkish Lira eased, drifting towards an over 1-1/2 year low hit last week following a short-notice coronavirus lockdown which sent people rushing to shops to stock up on supplies. Turkish authorities declared 48-hour…
The Turkish Lira eased, drifting towards an over 1-1/2 year low hit last week following a short-notice coronavirus lockdown which sent people rushing to shops to stock up on supplies.
Turkish authorities declared 48-hour curfew in cities shortly before 10 pm on Friday, giving millions of people just a couple of hours’ notice and prompting a wave of last-minute buying.
USD/TRY is trading 1.2 percent higher at 6.7711, having hit a high of 6.7923 on Thursday, its highest since August 2018.
The pair continues to consolidate below the 6.800 level, likely to break above.
Immediate resistance is located at 6.7961, any close above could take it above 6.8055.
On the downside, support is seen at 6.6857 (7-EMA) and break below could take it near 6.6723.
