The Turkish Lira plunged to a 1-1/2 week low following the release of soft growth data. Turkey's economy advanced 4.5 percent year-on-year in the first quarter of 2020, easing from a 6 percent growth in the previous peri…
The Turkish Lira plunged to a 1-1/2 week low following the release of soft growth data.
Turkey's economy advanced 4.5 percent year-on-year in the first quarter of 2020, easing from a 6 percent growth in the previous period and missing market expectations of a 5.4 percent expansion.
Earlier in the week, the pair hit a 1-1/2 month low below 55-EMA, but has recovered 0.3 percent for the week.
USD/TRY is trading 0.2 percent higher at 6.8241, having hit a low of 6.6970 on Tuesday, its lowest since April 10.
Immediate resistance is located at 6.8601 (21-EMA), any close above could take it above 6.8799.
On the downside, support is seen at 6.7848 and break below could take it near 6.7635.
