USD/TRY within range around 6.06, trade stays in focus


  • TRY stays sidelined above the 6.00 handle.
  • The pair remains supported by the 21-day Simple Moving Average (SMA).
  • Lira looks to trade, domestic politics, data.

The Turkish Lira remains on the defensive on Friday, lifting USD/TRY to as high as the 6.10 handle, where it lost some upside momentum.

USD/TRY keeps the attention on trade, politics

The spot is up for the second session in a row today, recovering part of the ground lost during the first half of the week and managing well to keep the trade within the weekly range and at the same time limiting usual volatility around TRY.

The trade front and its impact on the EM space continues to drive the mood around the Turkish currency, while geopolitics and the domestic scenario continues to grab attention.

Regarding the latter, market participants remain vigilant on the AKP and CHP campaign to attract undecided voters ahead of the new municipal elections in Istanbul to be held on June 23.

What to look for around TRY

Volatility around the Turkish Lira has subsided somewhat as of late, although the broader sentiment around the EM FX space should continue to influence on the currency as well as tensions on the US-China trade front. In addition, friction between the AKP and its main opposition party ahead of the municipal elections in Istanbul is also emerging as another source for Lira volatility. Further out, potential US sanctions following the purchase of the Russian missile defence system keeps lingering over the country as well as sanctions over Iranian crude oil exports. Adding insult to injury, the independence and credibility of the CBRT should remain under the microscope against the omnipresent conflict between the Erdogan’s administration and bank’s authorities.

USD/TRY key levels

At the moment the pair is gaining 0.25% at 6.0587 and faces the next hurdle at 6.13111 (high May 13) seconded by 6.2457 (2019 high May 9) and then 6.8353 (high Aug. 30 2018). On the other hand, a breach of 5.9472 (low May 10) would aim for 5.7094 (low Apr.17) and finally 5.6573 (200-day SMA).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD steady around 1.1160 post-FOMC Minutes

The US Federal Reserve document failed to impress, with the market ignoring the release, overshadowed by the Brexit drama and the more updated statement from Chief Powell last Monday.

EUR/USD News

GBP/USD: reports suggest UK PM May could resign tonight

GBP/USD is bouncing from its daily low of 1.1623, following news indicating that the UK Prime Minister would resign before the day is over, following an early cabinet coup and multiple backs and forth around it.

GBP/USD News

USD/JPY hits fresh lows after FOMC minutes

The USD/JPY pair rose to 110.31 after the release of the FOMC minutes but then turned to the downside and dropped to 110.23, hitting a fresh daily low. 

USD/JPY News

Gold: Yellow Metal under pressure below 1,280.00 resistance

Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance. The yellow metal is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold News

A 30% pullback is a great chance to collect Bitcoins, BTC/USD targets $5,500

ETH/BTC leads the way in the event of falls. Neutral strategies are also possible for the more conservative. This game is the favorite of the applicants for "whale."

Read more

Majors

Cryptocurrencies

Signatures