USD/TRY: Bears regain the upper hand following recent peaks near 16.50 By pabspiovano USDTRY Turkey Currencies Crosses
Investors continue to digest the latest CBRT event.now looks consolidative in the upper end of the recent range and trades close to recent yearly peaks near 16.50.The beleaguered Turkish currency manages to regain some buying interest and forces USD/TRY to recede to the negative territory for the first time after five consecutive daily advances on Friday. It is worth mentioning that the lira is down around 23% vs. the greenback so far this year.
So far, price action in the Turkish currency is expected to gyrate around the performance of energy prices, the broadExtra risks facing TRY also come from the domestic backyard, as inflation gives no signs of abating, real interest rates remain entrenched in negative figures and the political pressure to keep the CBRT biased towards low interest rates remain omnipresent.: FX intervention by the CBRT.
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