FxWirePro: USD/TRY hits 1-week peak on CBRT's latest COVID-19 measures
The Turkish Lira plunged to a 1-week low after the Turkish bank cuts credit card costs in the latest COVID-19 step. Turkey’s central bank lowered the maximum interest rates that banks can charge on credit card debt to so…
The Turkish Lira plunged to a 1-week low after the Turkish bank cuts credit card costs in the latest COVID-19 step.
Turkey’s central bank lowered the maximum interest rates that banks can charge on credit card debt to soften the financial impact of the coronavirus pandemic.
Lenders may now charge credit cardholders 1.25 percent monthly, down from a previous 1.4 percent, while interest rates on overdue borrowing were reduced to 1.55 percent from 1.7 percent. The central bank also decreased charges on foreign currency debt.
USD/TRY is trading 1.6 percent higher at 6.5528, having hit a high of 6.5619 earlier, its highest since March 23.
Momentum indicators are turning bullish - RSI strong at 69, MACD supports upside and Stochs are biased higher.
Immediate resistance is located at 6.5709, any close above could take it above 6.6095.
On the downside, support is seen at 6.4281 / 6.4153 and break below could take it near 6.3874.
