FxWirePro: Turkish Lira hits 1-week low on President Erdogan comments
Tuesday, March 31, 2020 11:24 AM UTC
- The Turkish Lira slumped to a 1-week low after President Tayyip Erdogan said the economy must keep the wheels turning amid a worsening coronavirus outbreak.
- On Monday, Turkey’s central bank lowered the maximum interest rates that banks can charge on credit card debt, while interest rates on overdue borrowing were reduced to 1.55 percent from 1.7 percent.
- USD/TRY is trading 0.1 percent higher at 6.5680, having hit a high of 6.6004 earlier, its highest since March 23.
- Momentum indicators are bullish - RSI strong at 70, MACD supports upside and Stochs are at oversold levels.
- Immediate resistance is located at 6.6085, any close above could take it above 6.6144.
- On the downside, support is seen at 6.5210 and break below could take it near 6.4942.