FxWirePro: Turkish Lira retreats from 1-week peak following downbeat economic data
The Turkish Lira declined, hovering towards record lows scaled last week following the release of downbeat economic data. Turkey's total motor vehicles production decreased by 11.8 percent from a year earlier to 118,030 …
The Turkish Lira declined, hovering towards record lows scaled last week following the release of downbeat economic data.
Turkey's total motor vehicles production decreased by 11.8 percent from a year earlier to 118,030 units in July 2020. Meanwhile, separate data showed the number of foreigners visiting Turkey slumped 85.9 percent year-on-year to 932,927 in July, as the tourism sector has been hit hard by pandemic travel restrictions.
USD/TRY is trading 0.8 percent higher at 7.3751, having hit an record high of 7.3980 last week.
On Friday, the pair fell as low as 7.2019, its lowest since August 12, but found strong support at 7.2000 handle to close 0.4 percent higher at 7.3199.
Immediate resistance is located at 7.3980, any close above could take it above 7.4070.
On the downside, support is seen at 7.2922 and break below could take it near 7.2705.
