FxWirePro: USD/TRY hits 1-1/2 year peak above 6.900 as coronavirus outbreak hits Turkey's budget
The Turkish Lira slumped to a fresh 1-1/2 year low as the coronavirus fallout hit the government's budget. Turkey's economy is facing a second recession in less than two years due to the COVID-19 pandemic, after having r…
The Turkish Lira slumped to a fresh 1-1/2 year low as the coronavirus fallout hit the government's budget.
Turkey's economy is facing a second recession in less than two years due to the COVID-19 pandemic, after having recovered from the first one in the second half of 2019.
The central government's budget deficit rose to 43.7 billion lira in March, from 7.36 billion lira in February, reflecting new spending and lower tax revenues due to the outbreak.
USD/TRY is trading 0.2 percent higher at 6.9164, having hit a high of 6.9268 earlier, its highest since August 2018.
Immediate resistance is located at 6.9452, any close above could take it above 6.9571.
On the downside, support is seen at 6.8538 (23.6% Fib) and break below could take it near 6.8087 (38.2% Fib).
