FxWirePro: USD/TRY consolidates within narrow ranges amid resurging coronavirus cases
Friday, June 26, 2020 10:58 AM UTC
- 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.