Market news

30 November 2021

USD/TRY clinches new all-time highs near 13.2000

  • USD/TRY moves further north of the 13.0000 mark.
  • The lira remains depressed as bets on extra rate cuts raise.
  • Investors’ attention shifts to the CPI release on Thursday.

The Turkish lira extends the drop and lifts USD/TRY to fresh all-time highs near 13.2000 on Tuesday.

USD/TRY now looks to data, CBRT

USD/TRY advances for the third session in a row on Tuesday and records new all-time peaks near the 13.2000 mark, always on the back of the intense depreciation of the Turkish currency.

Indeed, President Erdogan’s recent defence of the low-rates policy from the Turkish central bank did nothing but put the lira under extra downside pressure, pushing spot to fresh tops.

In the meantime, all the attention is expected to be on the release of the Turkey’s inflation figures on Thursday, with consensus already pointing to a reading above 20% in November.

USD/TRY key levels

So far, the pair is gaining 2.59% at 13.1069 and a drop below 11.5451 (low November 24) would expose 10.8767 (20-day SMA) and then 9.7214 (55-day SMA). On the other hand, the next up barrier lines up at 13.1838 (all-time high Nov.24) followed by 14.0000 (round level).

 

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