USD/TRY recedes from all-time highs past 11.0000

USD/TRY clinches new all-time high around 11.2800 on Thursday.
The lira reclaimed some ground lost soon after record low.
The CBRT could reduce rates further in December.

Pablo Piovano FXStreet

After hitting a fresh all-time peak at around 11.2800 earlier in the session, USD/TRY gave away part of its gains and has now returned to the 11.0000 neighbourhood.

USD/TRY still poised for extra upside

USD/TRY remains on track to close the third consecutive week of gains with eight sessions in a row closing in the positive territory. The lira is the worst performing EM currency, having shed around 33% so far this year vs. the US dollar

The Turkish currency accelerated its losses to levels well north of the 11.0000 barrier after the Turkish central bank (CBRT) met expectations by reducing the One-Week Repo Rate by 100 bps at its meeting, taking the policy rate to 15.00%.

The outlook for the currency remains well on the negative side and further losses remain well on the cards, particularly considering that the CBRT suggested another interest rate cut could be on the table as soon as in December.

USD/TRY key levels

So far, the pair is gaining 3.14% at 10.9447 and a drop below 10.0688 (high Oct.25) would expose 9.8219 (20-day SMA) and finally 9.4722 (monthly low Nov.2). On the other hand, the next up barrier lines up at 11.2792 (all-time high Nov.18) followed by 12.0000 (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 gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.