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FxWirePro: USD/TRY consolidates within narrow ranges amid resurging coronavirus cases

  • The Turkish Lira eased, drifting closer a 1-month low hit last week amid surging coronavirus infections.
     
  • On Thursday, the Turkish currency attempted a minor recovery following Turkey central bank's interest rate decision. 
     
  • The Central Bank of Turkey held its benchmark one-week repo at 8.25 percent, surprising markets that had forecast a 25 bps rate cut. 
     
  • USD/TRY is trading 0.05 percent higher at 6.8543, having hit a high of 6.8608 last week, its highest since May 19.
     
  • Immediate resistance is located at 6.8668, any close above could take it above 6.8750.
     
  • On the downside, support is seen at 6.8400 (10-DMA) and break below could take it near 6.8356.
  • Market Data
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