FxWirePro: USD/TRY steadies below 1-1/2 year peak, investors await next catalyst
The Turkish Lira continued to consolidate near a 1-1/2 year low hit last week after Bloomberg reported the central bank’s net foreign reserves fell to their lowest level since May 2019. Turkey’s central bank has exhauste…
The Turkish Lira continued to consolidate near a 1-1/2 year low hit last week after Bloomberg reported the central bank’s net foreign reserves fell to their lowest level since May 2019.
Turkey’s central bank has exhausted its foreign currency reserves, net of liabilities, by defending the lira just short of 7 per dollar in recent weeks.
USD/TRY is trading 0.05 percent up at 6.9880, 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 6.9678 (5-DMA) and break below could take it near 6.9525 (7-EMA).
