USD/TRY climbs to weekly peaks beyond 14.00

USD/TRY consolidates the recent breakout of 14.0000.
Geopolitics keeps the mood around the lira depressed.
Markets’ focus remains on Chief Powell’s testimony.

Pablo Piovano FXStreet

The lira losses further ground and lifts USD/TRY to new multi-day highs around 14.1000 on Wednesday.

USD/TRY higher on war jitters

USD/TRY advances uninterruptedly since Monday pari passu with the deterioration of the Russia-Ukraine scenario despite recent talks between officials from both parties seeming to have left the door open to further negotiation.

However, the acute rally in crude oil prices vs. Turkey’s condition of a large energy importer adds to the sour prospect for the lira for the time being.

Later in the session, all the attention is expected to be on Powell’s testimony ahead of the release of the Fed’s Beige Book.

USD/TRY key levels

So far, the pair is advancing 1.81% at 14.1003 and a drop below 13.7143 (low Feb.25) would expose 13.5091 (low Feb.18) and finally 12.4317 (low Feb.11). On the other hand, the next up barrier lines up at 14.6052 (2022 high Feb.24) seconded by 18.2582 (all-time high Dec.20).

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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