USD/TRY: Lira sees a dead cat bounce on CBRT intervention news

Lira resumes sell-off as European desks kick-in.
USD/TRY: Will it regain 7.0 handle amid Turkey turmoil?

Dhwani Mehta FXStreet

The Turkish currency, the Lira, is seen losing ground once again in early Europe, now pushing the USD/TRY pair back towards the all-time highs of 7.1326 reached in Asia opening trades.

The sell-off in the TRY extended into a fresh week after markets reacted to Turkey’s President Erdogan’s comments delivered over the weekend when he said that he opposes central bank rate hikes and any bailout from the International Monetary Fund (IMF) to avert the ongoing economic and currency crisis.

However, the Turkish currency did manage to breathe a sigh of relief on the country’s central bank (CBRT) announcements of the intervention measures.

The USD/TRY pair fell rapidly to 6.4200 level after the CBRT stepped up intervention measures by slashing the Lira required reserves by 250 bps for all the maturities.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD struggles aroound 1.1800 as USD stabilizes

EUR/USD stays defensive around 1.1800 in the European session on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony fails to impress Euro bulls.

GBP/USD drops toward 1.3500 as USD finds fresh demand

GBP/USD falls back toward 1.3500 in the European session on Thursday, snapping its recovery momentum. The pair loses traction as the US Dollar finds fresh demand, as markets turn cautious ahead of the US-Iran nuclear talks. The US trade policy uncertainty also remains a drag on risk sentiment.

Gold clings to gains amid sustained safe-haven flows ahead of US-Iran talks

Gold sticks to its modest intraday gains through the first half of the European session on Thursday, with bulls still awaiting a sustained move and acceptance above the $5,200 mark before placing fresh bets.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.