FxWirePro: USD/TRY retreats from 1-1/2 year peak, fails to sustain gains above 6.7000
The Turkish Lira nudged up after falling to a 1-1/2 year trough earlier in the session. Economists say Turkey is on the verge of another possible recession as the fallout from the coronavirus is expected to hurt exports,…
The Turkish Lira nudged up after falling to a 1-1/2 year trough earlier in the session.
Economists say Turkey is on the verge of another possible recession as the fallout from the coronavirus is expected to hurt exports, tourism and domestic demand in the near-term.
USD/TRY is trading 0.5 percent lower at 6.6659, having hit a high of 6.7114 earlier, its highest since September 2018.
Momentum indicators are bearish on hourly charts.
Immediate resistance is located at 6.7280, any close above could take it above 6.7315.
On the downside, support is seen at 6.6243 and break below could take it near 6.6085.
