FxWirePro: USD/TRY hits 2-week peak, likely to break above 6.8600
The Turkish Lira declined to a 2-week trough as the greenback gained across the board. The dollar nudged higher, supported by safe-haven flows amid a resurgence of the coronavirus in the United States. However, the downs…
The Turkish Lira declined to a 2-week trough as the greenback gained across the board.
The dollar nudged higher, supported by safe-haven flows amid a resurgence of the coronavirus in the United States.
However, the downside in the Turkish currency appears limited as better-than-expected inflation data indicated the economy is recovering from the coronavirus impact.
Turkey's consumer price inflation rate rose to 12.62 percent year-on-year in June, the highest since August 2019 and above market expectations of 12.09 percent.
USD/TRY is trading 0.1 percent up at 6.8551, having hit a high of 6.8580 earlier, its highest since June 18.
Immediate resistance is located at 6.8710, any close above could take it above 6.8885.
On the downside, support is seen at 6.8368 (21-EMA) and break below could take it near 6.8288.
