USD/TRY picks up further pace and clinches new highs near 15.50


  • USD/TRY moves higher to new 2022 peaks around 15.50.
  • Turkey Industrial Production expanded 9.6% YoY in March.
  • Turkey Retail Sales grew 0.3% MoM also in March.

The Turkish lira continues to grind lower and lifts USD/TRY to new 2022 highs in the 15.50 region on Friday.

USD/TRY up on USD-strength, geopolitics

USD/TRY extends the monthly rebound for the seventh consecutive session on Friday, as the rally in the dollar remains unabated and geopolitical concerns keep the lira on the back foot so far.

On the latter, President Erdogan did not welcome news citing Sweden and Finland will apply for NATO membership amidst increasing tensions between the West and Russia over the war in Ukraine.

Data wise in Turkey for the month of March, Retail Sales expanded 0.3% MoM and 2.5% over the last twelve months. In addition, Industrial Production expanded at an annualized 9.6%, surpassing initial estimates.

What to look for around TRY

USD/TRY keeps the upside well and sound for yet another session and already left behind the 15.00 barrier. So far, price action in the Turkish currency is expected to gyrate around the performance of energy prices, the broad risk appetite trends, the Fed’s rate path and the developments from the war in Ukraine. Extra risks facing TRY also come from the domestic backyard, as inflation gives no signs of abating, real interest rates remain entrenched in negative figures and the political pressure to keep the CBRT biased towards low interest rates remain omnipresent.

Key events in Turkey this week: Unemployment Rate (Tuesday).

Eminent issues on the back boiler: FX intervention by the CBRT. Progress (or lack of it) of the government’s new scheme oriented to support the lira via protected time deposits. Constant government pressure on the CBRT vs. bank’s credibility/independence. Bouts of geopolitical concerns. Structural reforms. Upcoming Presidential/Parliamentary elections.

USD/TRY key levels

So far, the pair is gaining 0.63% at 15.4618 and faces the next hurdle at 15.4832 (2022 high May 13) seconded by 18.2582 (all-time high December 20) and then 19.00 (round level). On the other hand, a drop below 14.6836 (monthly low May 4) would expose 14.5458 (monthly low April 12) and finally 14.5136 (weekly low March 29).

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD faces some selling pressure to near 0.6250 amid trade war threat

AUD/USD faces some selling pressure to near 0.6250 amid trade war threat

The AUD/USD pair attracts some sellers to near 0.6245 during the early Asian session on Monday. The US Dollar edges higher amid the fear of a trade war threat. Trump said on Friday he plans to announce reciprocal tariffs on many countries by Monday or Tuesday, without specifying which countries.

AUD/USD News
USD/JPY climbs back closer to 152.00 amid Trump's tariff threats

USD/JPY climbs back closer to 152.00 amid Trump's tariff threats

USD/JPY kicks off the new week on a positive in reaction to US President Donald Trump's tariff threats. This comes on top of Friday's upbeat US NFP report and and could limit the scope for the Fed to ease policy. However, hawkish BoJ expectations, along with a softer risk tone, might underpin the JPY and cap the pair.

USD/JPY News
Gold extends upside above $2,850 on trade war tensions, China’s buying

Gold extends upside above $2,850 on trade war tensions, China’s buying

Gold price extends the rally to around $2,865 during the early Asian session on Monday. The precious metal edges higher as escalating trade tensions prompt investors to seek refuge in the safe-haven asset. 

Gold News
Week ahead: Will US CPI be a positive distraction amid Trump’s dramas?

Week ahead: Will US CPI be a positive distraction amid Trump’s dramas?

US consumer and producer prices to be main focal point. UK economic output data to be watched too. But Trump and tariff headlines might be a bigger market driver.

Read more
Top Trumps: The global economy’s House of Cards

Top Trumps: The global economy’s House of Cards

The year has barely started and we are learning the hard way what Donald Trump’s second term in office means for markets, analysts and global policymakers. It's like living through an episode of the political thriller, House of Cards.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025