FxWirePro: USD/TRY consolidates below 7.000 after CBRT lowers policy rate by 100 bps
The Turkish Lira consolidated near a 1-1/2 year low hit in the previous session on soft consumer confidence figures and CBRT policy decision. Data released yesterday showed Turkey's consumer confidence index fell to a re…
The Turkish Lira consolidated near a 1-1/2 year low hit in the previous session on soft consumer confidence figures and CBRT policy decision.
Data released yesterday showed Turkey's consumer confidence index fell to a record low of 54.9 in April from 58.2 in the previous month.
On Wednesday, the Central Bank of the Republic of Turkey lowered its one-week repo by 100 basis points to 8.75 percent to shore up an economy hit hard by the coronavirus outbreak.
USD/TRY is trading flat at 6.9757, having hit a high of 7.0079 on Wednesday, its highest since August 2018.
Immediate resistance is located at 7.0086, any close above could take it above 7.0142.
On the downside, support is seen at 6.9449 (5-DMA) and break below could take it near 6.9275.
