FxWirePro: Turkish Lira rallies to 5-week peak on swap deals hopes
The Turkish Lira advanced to a 5-week peak on a report that the country was close to signing deals for $20 billion in currency swaps with the United Kingdom and Japan. The Turkish government has been seeking help from ot…
The Turkish Lira advanced to a 5-week peak on a report that the country was close to signing deals for $20 billion in currency swaps with the United Kingdom and Japan.
The Turkish government has been seeking help from other economies to bolster its reserves of foreign currency and to support the economy withstand the impact of the COVID-19 pandemic.
USD/TRY is trading 0.8 percent down at 6.8220, having hit a low of 6.7493 earlier, its lowest since April 13.
Immediate resistance is located at 6.9132, any close above could take it above 6.9312 (5-DMA).
On the downside, support is seen at 6.7252 (55-EMA) and break below could take it near 6.6975.
