USD/TRY reaches fresh all-time highs around 8.20
|- USD/TRY pushes higher and records peaks around 8.20.
- TRY debilitates on geopolitical concerns, BoP crisis.
- Turkish court sentences US worker to 5 years in jail.
The selling pressure around the Turkish lira increases by the minute and lifts USD/TRY to new all-time peaks around 8.20 on Tuesday.
USD/TRY focused on geopolitics, Balance of Payments
USD/TRY advances for the fourth consecutive session to levels well above the 8.00 mark, always on the back of mounting concerns over the (imminent?) probability of a balance of payments crisis, lack of credibility in the Turkish central bank (CBRT) and rising geopolitical concerns, with the US and the EU in the centre of the debate.
In addition, a Turkish court sentenced a US worker to 5 years in jail on terrorism charges, which opens at the same time another door to probable US sanctions (apart from those hovering around the country since the purchase of the Russian S-400 missile defence system).
USD/TRY key levels
At the moment the pair is gaining 1.39% at 8.1892 and faces the next hurdle at 8.2002 (all-time high Oct.27). On the downside, a drop below 7.7787 (low Oct.22) would expose 7.6294 (monthly low Oct.1) and finally 7.6124 (55-day SMA).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.