FxWirePro: Turkish lira plunges to its lowest since August 2018 as Turkey's coronavirus infection rate rises
Wednesday, April 8, 2020 9:55 AM UTC
- The Turkish Lira plunged to an over 1-1/2 year trough as Turkey's Covid-19 infection rate rose fastest in the world.
- Turkey’s number of coronavirus infections climbed by more than 3,000 a day, reaching 30,217 since the first case was confirmed four weeks ago.
- Erdoğan insists normal work must go on despite Turkey having the fastest rising number of confirmed cases in the world.
- USD/TRY is trading 0.5 percent higher at 6.7828, having hit a high of 6.7919 earlier, its highest since August 2018.
- On Tuesday, the pair declined as low as 6.6964 but found strong support at 38.2% Fib.
- Immediate resistance is located at 6.7961, any close above could take it above 6.8055.
- On the downside, support is seen at 6.7225 and break below could take it near 6.6942 (38.2% Fib).