FxWirePro: USD/TRY hits 1-week peak on CBRT's latest COVID-19 measures
Monday, March 30, 2020 11:58 AM UTC
- The Turkish Lira plunged to a 1-week low after the Turkish bank cuts credit card costs in the latest COVID-19 step.
- Turkey’s central bank lowered the maximum interest rates that banks can charge on credit card debt to soften the financial impact of the coronavirus pandemic.
- Lenders may now charge credit cardholders 1.25 percent monthly, down from a previous 1.4 percent, while interest rates on overdue borrowing were reduced to 1.55 percent from 1.7 percent. The central bank also decreased charges on foreign currency debt.
- USD/TRY is trading 1.6 percent higher at 6.5528, having hit a high of 6.5619 earlier, its highest since March 23.
- Momentum indicators are turning bullish - RSI strong at 69, MACD supports upside and Stochs are biased higher.
- Immediate resistance is located at 6.5709, any close above could take it above 6.6095.
- On the downside, support is seen at 6.4281 / 6.4153 and break below could take it near 6.3874.