FxWirePro: Turkish Lira off 5-week peak despite Turkey expanding currency swap deal with Qatar
Wednesday, May 20, 2020 9:59 AM UTC
- The Turkish Lira eased, halting a 7-day winning streak on profit-taking after rising to multi-week peaks following Qatar's offer to triple FX swap line to $15 billion.
- Turkey’s central bank stated that the deal with its Qatari counterpart, which raised the existing FX limit from the equivalent of $5 billion would support financial stability and trade.
- On Tuesday, the pair fell to a 5-week trough but found strong support at 55-EMA.
- USD/TRY is trading 0.3 percent up at 6.7939, having hit a low of 6.7493 the day before, its lowest since April 13.
- Immediate resistance is located at 6.8295, any close above could take it above 6.8508.
- On the downside, support is seen at 6.7268 (55-EMA) and break below could take it near 6.6975.