FxWirePro: Turkish Lira off 5-week peak despite Turkey expanding currency swap deal with Qatar
The Turkish Lira eased, halting a 7-day winning streak on profit-taking after rising to multi-week peaks following Qatar's offer to triple FX swap line to $15 billion. Turkey’s central bank stated that the deal with its …
The Turkish Lira eased, halting a 7-day winning streak on profit-taking after rising to multi-week peaks following Qatar's offer to triple FX swap line to $15 billion.
Turkey’s central bank stated that the deal with its Qatari counterpart, which raised the existing FX limit from the equivalent of $5 billion would support financial stability and trade.
On Tuesday, the pair fell to a 5-week trough but found strong support at 55-EMA.
USD/TRY is trading 0.3 percent up at 6.7939, having hit a low of 6.7493 the day before, its lowest since April 13.
Immediate resistance is located at 6.8295, any close above could take it above 6.8508.
On the downside, support is seen at 6.7268 (55-EMA) and break below could take it near 6.6975.
