FxWirePro: USD/TRY near record low, faces resistance at 7.400
The Turkish Lira slumped, hovering towards all-time low recorded in the prior session despite the central bank signaling higher borrowing costs. On Tuesday, Turkey’s central bank halved banks’ borrowing limits for overni…
The Turkish Lira slumped, hovering towards all-time low recorded in the prior session despite the central bank signaling higher borrowing costs.
On Tuesday, Turkey’s central bank halved banks’ borrowing limits for overnight transactions in the interbank money market, signaling that borrowing costs will move to a higher rate of 11.25 percent.
The Central Bank of the Republic of Turkey is scheduled to meet on Thursday, where it is expected to keep its benchmark interest rate unchanged at 8.25 percent
USD/TRY is trading 0.1 percent up at 7.3770, having hit an record high of 7.3980 on Tuesday.
Immediate resistance is located at 7.4020, any close above could take it above 7.4136.
On the downside, support is seen at 7.3249 and break below could take it near 7.3078 (7-EMA).
