The Turkish lira maintains overall weak tone and holding within multi-week consolidation, not far from new all-time low, posted in November last year.

Rising inflation and central bank’s inability to adopt conventional measures to tackle the problem, as governors of Turkey’s central bank who raised interest rates in order to fight high inflation have been quickly dismissed, signals the loss of CBRT’s independence that weighs heavily on lira and adds to negative fundamentals, while bearish technical studies also contribute to negative outlook for lira.

Lira’s 2021 low at 8.5015 is in focus, guarding record low at 8.5816, loss of which would expose projected targets at 8.9796 and 9.2258, ahead of psychological 10.00 barrier

Res: 8.3000; 8.4340; 8.4443; 8.5015

Sup: 8.2158; 8.1836; 8.1385; 8.0900

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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