USD/TRY extends the range bound theme near 9.6000

USD/TRY resumes the upside after Monday’s retracement.
The upbeat tone in the greenback weighs on the EM FX space.
Turkey’s key inflation figures will be published on Wednesday.

Pablo Piovano FXStreet

The soft stance in the Turkish currency prompts USD/TRY to regain upside traction and leave behind Monday’s uptick.

USD/TRY now looks to key CPI data

USD/TRY resumes the upside on Tuesday and extend the multi-session consolidative mood at the same time, all amidst the rebound in the greenback and investors’ speculations ahead of the release of key inflation figures in Turkey (Wednesday).

In fact, the greenback regains some composure after Monday’s decline and push the US Dollar Index (DXY) back to the 94.00 region on the back of rising cautiousness ahead of the FOMC event on Wednesday, all despite the move lower in US yields.

The lira, in the meantime, gives away part of Monday’s gains after a positive meeting between President Erdogan and his US counterpart Biden on the purchase of fighter jets by Ankara.

Later in the week, TRY is expected to remain under scrutiny in light of the release of Turkish inflation figures during October (+20% YoY exp.) as well as the FOMC event and US Nonfarm Payrolls.

USD/TRY key levels

So far, the pair is gaining 0.54% at 9.5802 and a drop below 9.4128 (weekly low Oct.26) would aim for 9.2979 (20-day SMA) and finally 9.1965 (weekly low Oct.21). On the other hand, the next up barrier lines up at 9.8395 (all-time high Oct.25) followed by 10.0000 (psychological 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.

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