FxWirePro: USD/TRY hovers towards 1-1/2 year peak, faces strong resistance at 7.000
The Turkish Lira declined, hovering towards a 1-1/2 year low hit last week after data showed the number of foreigners visiting Turkey tumbled 67.8 percent year-on-year to 718,097 in March, due to the coronavirus pandemic…
The Turkish Lira declined, hovering towards a 1-1/2 year low hit last week after data showed the number of foreigners visiting Turkey tumbled 67.8 percent year-on-year to 718,097 in March, due to the coronavirus pandemic.
Moreover, data showing Turkey's trade deficit widened sharply to USD 5.39 billion in March from USD 1.91 billion in the same month of last year further dented the bid tone around the Turkish currency.
USD/TRY is trading 0.6 percent up at 6.9860, having hit a high of 7.0079 last week, its highest since August 2018.
Immediate resistance is located at 7.0086, any close above could take it above 7.0142.
On the downside, support is seen at 6.9179 and break below could take it near 6.9000.
