USD/TRY climbs to fresh all-time highs… next stop at 7.50?

USD/TRY advances to new peaks in the 7.4600 region on Monday.
The dollar’s rally also collaborates with the upside momentum in spot.
Next level of relevance in the pair comes in at 7.50.

Pablo Piovano FXStreet

The Turkish Lira continues to lose ground vs. the greenback and is now lifting USD/TRY to (another) new all-time high beyond the 7.46 level on Monday.

USD/TRY up on dollar-strength

The Lira has started the week on the negative footing on Monday, losing further ground on the back of the unabated recovery of the greenback and its impact on the EM space (and the rest of the riskier assets).

In addition, the geopolitical factor appears to be weighing on TRY also after President Erdogan urged European Council President C.Michel on Sunday to take an impartial stance in the current Turkey-Greece conflict in the Eastern Mediterranean.

Later in the week, the Quarterly 3-month Jobless Average is due (Thursday) seconded by July’s Current Account figures (Friday).

USD/TRY key levels

At the moment the pair is gaining 0.45% at 7.4622 and faces the next hurdle at 7.4632 (all-time high Sep.7). On the downside, immediate support is located at 7.2961 (low Aug.28) followed by 7.2019 (low Aug.21) and finally 7.0682 (55-day SMA).

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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