FxWirePro: USD/TRY hits 1-week peak, major resistance at 21-EMA
The Turkish Lira plunged to a 1-week trough as the greenback steadied against a basket of currencies. Moreover, the selling pressure around the Turkish currency intensified after World Bank stated that Turkey's economy t…
The Turkish Lira plunged to a 1-week trough as the greenback steadied against a basket of currencies.
Moreover, the selling pressure around the Turkish currency intensified after World Bank stated that Turkey's economy to shrink in 2020 but rebound in 2021.
The World Bank said it expects Turkey's economy to contract by 3.8 percent in 2020, after projecting a 0.5 percent growth in its previous estimate made in April.
The World Bank in its June 2020 Global Economic Prospects report published on Monday, stated that growth is likely to pick up in 2021, with an estimated rate of 5 percent, as domestic demand gradually improves.
USD/TRY is trading 0.2 percent higher at 6.7955, having hit a high of 6.7959 earlier, its highest since June 2.
Immediate resistance is located at 6.8030, any close above could take it above 6.8126 (21-EMA).
On the downside, support is seen at 6.7614 and break below could take it near 6.7452 (55-EMA).
