USD/TRY slips to 2.9350 on CBRT decision

Pablo Piovano FXStreet

The Turkish Lira is reclaiming part of the ground lost vs. the dollar in early trade, with USD/TRY now dropping to the mid-2.9300s.

USD/TRY lower post-CBRT

Spot has gained downside traction after the Turkish central bank (CBRT) lowered its

O/N Marginal Funding Rate by 25 bp to 8.50%, matching initial estimates.

Furthermore, the CBRT left unchanged its O/N Borrowing Rate at 7.25% and the One-Week Repo Rate at 7.50%.

In the meantime the pair is now snapping a 3-session positive streak after bottoming out around last week’s lows in the 2.9115/10 band, helped at the same time by a softer tone surrounding the greenback.

USD/TRY key levels

At the moment the pair is retreating 0.22% at 2.9346 with the immediate support at 2.9270 (100-day sma) followed by 2.9118 (low Aug.18) and finally 2.8741 (low Jul.14). On the other hand, a break above 2.9501 (55-day sma) would expose 2.9689 (20-day sma) and then 3.0285 (high Aug4.).

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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