USD/TRY remains under 21-DMA despite Turkish President’s optimism

  • Turkish President hopeful of avoiding the US sanctions despite buying Russian S-400 missiles.
  • President Erdogan plans to discuss issues with the US President at G20 while mentioning his visit to Turkey in July.
  • Markets show little reaction ahead of the headlines from the G20.

Even if the Turkish President Recep Tayyip Erdogan remains optimistic of their future relations with the US after his meeting with the President Trump at G20, markets show little reaction to the news and the USD/TRY remains modestly flat under 21-DMA while taking the rounds to 5.7738 during early Thursday morning in Asia.

In his interview with the Nikkei, President Erdogan said he is planning to meet and discuss latest rift with the US over the purchase of the Russian S-400 missiles to end the deadlock of their bilateral relations.

Mr. Erdogan says that he hope the US President Donald Trump understands the Turkish reasons behind purchasing the arms while he meets him at the sidelines of the G20. Further to his interview, he mentioned that the US President is considering a visit to Turkey during July, near the time the Russia missiles will reach the home.

As per the Bloomberg news report, the US President was considering to levy fresh three sanction package on the Turkish economy due to their purchase of Russian S-400 missiles. Though, nothing fresh has been arrived since then while the Turkish leader expects no such moves from the US after the G20 meeting.

The Turkish Lira (TRY) traders seem cold-blooded to the positive news as they might be waiting for actual developments at the G20 after the US-Turkey leader meet. Though, greater attention will be given to the US-China leaders’ handshake.

Technical Analysis

A 21-day moving average (21-DMA) caps the pair’s immediate upside around 5.8122, a break of which can propel prices towards the month’s high near 5.9331. However, a downside break of 5.7010 mark comprising 100-DMA might not refrain from dragging the quote to monthly bottom surrounding 5.6621.

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