USD/TRY pushes higher to the 7.70 area, looks to CBRT

USD/TRY clinches an all-time high near 7.70 on Wednesday.
Greece and Turkey made progress regarding the Eastern Mediterranean spat.
The Turkish central bank (CBRT) meets on Thursday.

Pablo Piovano FXStreet

The Turkish lira remains under heavy downside pressure for yet another session on Wednesday and lifts USD/TRY to a new all-time high in levels just below the 7.70 mark.

USD/TRY focused on CBRT

The rally in USD/TRY advances to the 7.70 region on Wednesday as market participants remain heavy sellers of the lira. It is worth mentioning that the Turkish currency has so far shed nearly 23% since the start of the year.

Also collaborating with the upside momentum in the pair, the sentiment surrounding the dollar is giving no signs of mitigating for the time being.

On another front, military officials of both Greece and Turkey have made good progress regarding the Eastern Mediterranean conflict in order to avoid further clashes over energy resources.

Looking at the calendar, Powell’s second testimony is coming up next while Turkish Manufacturing Confidence and Capacity Utilization are both due on Thursday ahead of the critical CBRT monetary policy meeting.

USD/TRY key levels

At the moment the pair is gaining 0.37% at 7.6910 and faces the next hurdle at 7.6940 (all-time high Sep.23). On the downside, immediate support is located at 7.2165 (55-day SMA) seconded by 7.2019 (low Aug.21) and then 6.8139 (monthly low Jul.21).

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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