FxWirePro: Turkish lira retreats from its lowest level since August 2018 on coronavirus slowdown
The Turkish Lira nudged up after falling to an over 1-1/2 year trough in the prior session. The Turkish currency attempted a recovery, drawing support from an improvement in global sentiment stoked by signs that the coro…
The Turkish Lira nudged up after falling to an over 1-1/2 year trough in the prior session.
The Turkish currency attempted a recovery, drawing support from an improvement in global sentiment stoked by signs that the coronavirus crisis may be slowing in New York and in Europe.
On Tuesday, in an effort to support the economy, Turkey's central bank opened a 90-day repo auction with a volume of 10 billion lira and an interest rate of 8.25 percent - 150 basis points below its policy rate.
USD/TRY is trading 0.1 percent lower at 6.7591, having hit a high of 6.7913 on Monday, its highest since August 2018.
The pair declined as low as 6.6964 but found strong support at 38.2% Fib.
Immediate resistance is located at 6.7799, any close above could take it above 6.7919.
On the downside, support is seen at 6.6942 and break below could take it near 6.6706 (7-EMA).
