USD/TRY awaits Turkish industrial production to extend pullback from 10-DMA
|- USD/TRY remains firm above 10-DMA.
- The noise surrounding Syria safe-zone, global risk sentiment fail to offer momentum.
- Turkish Industrial Production for June in the spotlight for now.
Following its bounce of 10-day simple moving average (DMA), USD/TRY clings to 5.5700 ahead of Friday’s Europe session opening.
While unexpected rate cut from the Turkish central bank recently triggered the pair’s U-turn, investors showed less care for the nation’s better than $-12.05 billion forecast of budget deficit to $-12.30 billion during the January-July 2019 period.
Latest news from the Daily Sabah says that the Turkish Defence Ministry continues to remains at loggerheads with the US when it comes to Syrian safe-zone. On the other hand, the US also struggles with trade tussles and political pessimism concerning China.
Market’s risk sentiment has wobbled off-late amid the US-China trade problems and inversion of the US treasury yield curves.
Investors are now looking forward to June month Industrial Production (YoY) for fresh impulse ahead of the US housing and consumer sentiment data. The Turkish Industrial Production is expected to rise to -1.01% from -1.30% while the US numbers can keep portraying the mixed picture of the world’s largest economy.
Technical Analysis
Unless breaking a downward-sloping trend-line since May 23, at 5.6442, prices can’t aim for further upside, which in turn highlights 10-DMA level of 5.5421 and monthly low near 5.4483 on traders’ radar.
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