New all-time highs above 10.0000
The Turkish lira depreciates further in the forex market and pushes the USD / TRY pair to new all-time highs beyond the psychological mark of 10.0000 on Monday.
- USD / TRY hits new highs above 10.0000
- CBRT meets Thursday and could lower rates further
- Market consensus points to a 100 bp rate cut
USD / TRY: Open door to continue rising in the short term
USD / TRY adds to Friday’s lead and extends the rally far north of the critical 10.0000, while also securing the fifth straight session with gains.
Further currency losses for the Turkish lira are likely in the short term as it bets on the likelihood that the Central Bank of Turkey (CBRT) will cut the policy rate by 100 basis points at its meeting on Thursday, raising the repurchase rate in one week. at 15%, they continue to rise.
On the national calendar, home sales increased 14.9%, or 137,401K units, for the year through October. In the United States, the New York Empire State Index improved to 30.9 for the month of November.
Key levels for the USD / TRY pair
So far USD / TRY is gaining 0.88% forex at 10.0545 and falling below 9.6285 (20-day SMA) would expose 9.4722 (November 2 monthly low) and finally 9.4128 (October 26 weekly low). On the other hand, the next barrier is lined up at 10.0566 (all-time high on November 12) followed by 11.0000 (psychological level).
By Pablo Piovano, FXStreet
Pablo Piovano, European economist and editor, joined FXStreet in 2011 after working and managing investment research and asset allocation teams for several financial institutions in South America.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.
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