FxWirePro: Turkish lira hits 1-week peak on CBRT's aggressive measures to support markets
The Turkish Lira rallied to a 1-week peak after the U.S. Congress agreed an economic stimulus bill to alleviate the coronavirus impact. Turkey rolled out more measures to cushion the blow to its economy, while data showe…
The Turkish Lira rallied to a 1-week peak after the U.S. Congress agreed an economic stimulus bill to alleviate the coronavirus impact.
Turkey rolled out more measures to cushion the blow to its economy, while data showed that business confidence and capacity utilization indicated signs of a broader slump that could drag on through mid-year.
The country's capacity utilisation rate declined to 75.3 percent in March from 76.0 percent a month earlier, while business confidence among manufacturers fell to 99.7 points in March from 106.9 points in February.
On Tuesday, Turkey's central bank opened a 90-day repo auction with a volume of 15 billion lira and an interest rate of 8.25 percent – 150 basis points below its policy rate.
USD/TRY is trading 0.3 percent up at 6.4245, having hit a low of 6.3810 earlier, its lowest since March 17.
Immediate resistance is located at 6.4622, any close above could take it above 6.5043.
On the downside, support is seen at 6.3751 and break below could take it near 6.3375.
