USD/TRY clinches new all-time highs near 13.2000

USD/TRY moves further north of the 13.0000 mark.
The lira remains depressed as bets on extra rate cuts raise.
Investors’ attention shifts to the CPI release on Thursday.

Pablo Piovano FXStreet

The Turkish lira extends the drop and lifts USD/TRY to fresh all-time highs near 13.2000 on Tuesday.

USD/TRY now looks to data, CBRT

USD/TRY advances for the third session in a row on Tuesday and records new all-time peaks near the 13.2000 mark, always on the back of the intense depreciation of the Turkish currency.

Indeed, President Erdogan’s recent defence of the low-rates policy from the Turkish central bank did nothing but put the lira under extra downside pressure, pushing spot to fresh tops.

In the meantime, all the attention is expected to be on the release of the Turkey’s inflation figures on Thursday, with consensus already pointing to a reading above 20% in November.

USD/TRY key levels

So far, the pair is gaining 2.59% at 13.1069 and a drop below 11.5451 (low November 24) would expose 10.8767 (20-day SMA) and then 9.7214 (55-day SMA). On the other hand, the next up barrier lines up at 13.1838 (all-time high Nov.24) followed by 14.0000 (round level).

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.

EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.