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22 Apr 2015
USD/TRY climbs to 2.70 on CBRT
FXStreet (Edinburgh) - The Turkish lira lost some upside momentum after the CBRT decision today, with USD/TRY trading close to the 2.70 level.
USD/TRY bounces off 2.68
The pair is now gathering some traction after the Turkish central bank left unchanged its monetary stance, with the Marginal Funding Rate at 10.75%, the One-week repo rate at 7.50% and the Overnight Borrowing Rate at 7.25%, all in line with the broader market expectations.
After hitting recent tops in the 2.73 area, spot is now looking to consolidate around the 2.70 levels, with the political effervescence receding some ground.
USD/TRY key levels
At the moment the pair is up 0.35% at 2.6953 with the next resistance at 2.7118 (high Apr.20) ahead of 2.7158 (high Apr.21) and finally 2.7316 (high Apr.15). On the flip side, a breach of 2.6760 (low Apr.21) would aim for 2.6693 (low Apr.20) and then 2.6529 (low Apr.15).
USD/TRY bounces off 2.68
The pair is now gathering some traction after the Turkish central bank left unchanged its monetary stance, with the Marginal Funding Rate at 10.75%, the One-week repo rate at 7.50% and the Overnight Borrowing Rate at 7.25%, all in line with the broader market expectations.
After hitting recent tops in the 2.73 area, spot is now looking to consolidate around the 2.70 levels, with the political effervescence receding some ground.
USD/TRY key levels
At the moment the pair is up 0.35% at 2.6953 with the next resistance at 2.7118 (high Apr.20) ahead of 2.7158 (high Apr.21) and finally 2.7316 (high Apr.15). On the flip side, a breach of 2.6760 (low Apr.21) would aim for 2.6693 (low Apr.20) and then 2.6529 (low Apr.15).