USD/TRY resumes the upside and approaches the all-time high – by pabspiovano USDTRY Türkiye Currencies Crosses
Türkiye’s Inflation Rate came at 80.21% YoY in August.The Turkish lira resumes its usual depreciation vs. the greenback and pushesUSD/TRY advances modestly above the 18.20 level at the beginning of the week, although keeping the prevailing multi-week consolidative phase well in place for yet another session.
In the meantime, price action around the Turkish lira is expected to keep gyrating around the performance of energy and commodity prices - which are directly correlated to developments from the war in Ukraine - the broad risk appetite trends and the Fed’s rate path in the next months. : FX intervention by the CBRT. Progress of the government’s scheme oriented to support the lira via protected time deposits. Constant government pressure on the CBRT vs. bank’s credibility/independence. Bouts of geopolitical concerns. Structural reforms. Presidential/Parliamentary elections in June 23.So far, the pair is gaining 0.39% at 18.2233 and faces the immediate target at 18.2574 seconded by 18.2582 and then 19.00 . On the other hand, a breach of 17.7586 would pave the way for 17.
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