USD/TRY breaks above 6.00 on Erdogan’s presser

The Turkish currency resumes the upside above the 6.00 handle.
President Erdogan’s press conference fails to support TRY so far.
TRY stays sceptic on Erdogan’s nationalist tone.

Pablo Piovano FXStreet

The Turkish Lira is now under heavy pressure following comments by President Erdogan, lifting USD/TRY back to the area above 6.0 the figure.

USD/TRY looks to Erdogan, US CPI

TRY now comes under pressure once again after the press conference by President Erdogan is failing to ignite some interest around the currency, all amidst a ‘radio silence’ from the Turkish central bank (CBRT).

In fact, TRY once again drops below the 6.0 mark after Erdogan said the country faces a wave of artificial financial instability. Furthermore, Erdogan ruled out domestic macroeconomic issues or problems in the banking system.

In the meantime, Erdogan is making an effusive call to savers to covert FX to Liras, adding that there is no rush to call for a rate hike.

USD/TRY key levels

At the moment the pair is gaining 9.72% at 6.0888 facing the next hurdle at 6.4684 (all time high Aug.10) and then 7.0000 (psychological level). On the downside, a breach of 5.2202 (10-day SMA) would open the door to 5.0105 (21-day SMA) and finally 4.7305 (low Jul.23).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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