USD/TRY recedes from (another) all-time high near 7.36

USD/TRY clinched new all-time peaks near 7.36 on Friday.
Turkey’s FX reserves remain in the centre of the debate.
Investors look to the CBRT as rumours of a rate hike keep rising.

Pablo Piovano FXStreet

The Turkish lira remains under heavy pressure at the end of the week, lifting USD/TRY to new all-time highs in the vicinity of 7.36 earlier in the session.

USD/TRY now looks to CBRT

The Lira continues to bleed on Friday, extending the massive sell-off vs. the greenback to the 7.36 region, as national lenders keep failing to contain the sharp depreciation via selling FX reserves on behalf of the central bank.

Following earlier all-time highs, the selling pressure on TRY lost some vigour on the back of rising rumours that the Turkish central bank (CBRT) could raise the key interest rate at some point in the very near-term.

Despite the decision to raise rates might appear the proper one under the current urgent circumstances and in order to bring in some stability to the currency and somehow restore some confidence in the markets, it remains largely at odds with the Erdogan administration.

USD/TRY key levels

At the moment the pair is gaining 0.33% at 7.2410 and faces the next hurdle at 7.3558 (all-time high Aug.7). On the downside, immediate support is located at 7.0023 (high Jul.29) followed by 6.8571 (55-day SMA) and finally 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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