- The Turkish Lira plunged, extending previous session losses following Turkey's downbeat unemployment rate.
- Turkey's unemployment rate rose to 13.0 percent in June from 10.2 percent in the same period of the previous year.
- The selling pressure intensified around the Turkish currency after separate data showed retail trade decreased 3.7 percent year-on-year on July, following a downwardly revised 0.9 percent fall in June.
- On a monthly basis, retail sales decreased 1.5 percent in July after posting a rise of 2.6 percent in the previous month.
- USD/TRY is currently trading 0.7 percent up at 5.7422, having hit a low of 5.6468 on Friday, its lowest since August 20.
- Stochs support upside and RSI is strong at 51.10
- Immediate resistance is located at 5.7650 (September 9 High), break above could take it till 5.7913 (September 11 High).
- On the downside, support is seen at 5.6484 (September 5 Low), any close below could take it near 5.6050 (200-DMA).
Recommendation: Good to buy on dips around 5.7048, with stop loss of 5.6831 and target price of 5.7650