FxWirePro: USD/TRY rallies to record peak, outlook remains bullish
The Turkish Lira plunged to an all-time low as the greenback rose against a basket of currencies, while the Turkish central bank’s international reserves dried up amid the coronavirus crisis. The dollar rallied to a 1-we…
The Turkish Lira plunged to an all-time low as the greenback rose against a basket of currencies, while the Turkish central bank’s international reserves dried up amid the coronavirus crisis.
The dollar rallied to a 1-week peak amid brewing tensions between the United States and China over the coronavirus outbreak.
Moreover, yesterday's weaker than expected economic data continued to dent the bid tone around the Turkish currency.
President Tayyip Erdogan said lockdown would be eased in some provinces, as the number of COVID-19 deaths and new cases in the country slowed.
USD/TRY is trading 0.5 percent up at 7.0747, having hit a high of 7.0984 earlier, its highest since August 2018.
Immediate resistance is located at 7.1010, any close above could take it above 7.1173 / 7.1246.
On the downside, support is seen at 7.0103 and break below could take it near 6.9950 (38.2% Fib) / 6.9786 (10-DMA).
