USD/TRY Sinks to Lows Near 2.96 Post-CBRT

USD/TRY Sinks to Lows Near 2.96 Post-CBRT

24 May 2016, 14:04
Roberto Jacobs
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USD/TRY Sinks to Lows Near 2.96 Post-CBRT

The Turkish Lira is trading on a firm note today, sending USD/TRY to lows in the vicinity of the 2.96 handle.

USD/TRY weaker on CBRT

The pair accelerated its downside after the Turkish central bank (CBRT) cut the Marginal Funding Rate by 50 bp to 9.50% from 10.0% at its meeting today. The 
CBRT left unchanged its Borrowing Rate and the One-week Repo Rate at 7.25% and 7.50%, respectively.

Spot initially dipped to the boundaries of multi-day lows near 2.96 the figure in the wake of the announcement, although it has managed to gather some traction since then.

USD/TRY key levels

At the moment the pair is losing 0.90% at 2.9682 facing the immediate support at 2.9272 (200-day sma) followed by 2.9190 (20-day sma) and finally 2.87899 (55-day sma). On the other hand, a surpass of 3.0120 (high May 24) would aim for 3.0630 (2016 high Jan.20) and then 3.0754 (all time high Sep.24 2015).


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