7 Sep 2015
USD/TRY off highs, around 3.03
FXStreet (Edinburgh) - The Turkish lira continues to depreciate across the board on Monday, with USD/TRY now hovering over the 3.045/50 area.
USD/TRY higher on political jitters
After climbing as high as 3.0474 or fresh historical peaks, TRY has regained some ground albeit it still trades above the 3.03 area. Political turmoil remains the almost exclusive driver behind the sharp sell off of the Turkish currency as of late. This time, Turkish air strikes bombarded PKK positions in response to the recent terrorists attacks, prompted market participants to sell the lira as a consequence.
In the data front, Turkey will report Industrial Production figures tomorrow and Current Account and GDP results on Wednesday.
USD/TRY key levels
As of writing the pair is up 0.67% at 3.0309 with the next hurdle at 3.0474 (high Sep.7). On the downside, a breach 2.9660 (low Sep.4) would open the door to 2.9360 (low Sep.3) and finally 2.9212 (low Sep.2).
USD/TRY higher on political jitters
After climbing as high as 3.0474 or fresh historical peaks, TRY has regained some ground albeit it still trades above the 3.03 area. Political turmoil remains the almost exclusive driver behind the sharp sell off of the Turkish currency as of late. This time, Turkish air strikes bombarded PKK positions in response to the recent terrorists attacks, prompted market participants to sell the lira as a consequence.
In the data front, Turkey will report Industrial Production figures tomorrow and Current Account and GDP results on Wednesday.
USD/TRY key levels
As of writing the pair is up 0.67% at 3.0309 with the next hurdle at 3.0474 (high Sep.7). On the downside, a breach 2.9660 (low Sep.4) would open the door to 2.9360 (low Sep.3) and finally 2.9212 (low Sep.2).