FxWirePro: Turkish Lira hovers towards 1-1/2 year trough despite CBRT set to cut interest rates
Wednesday, April 22, 2020 9:52 AM UTC
- The Turkish Lira declined, hovering towards a 1-1/2 year low hit in the previous session following soft consumer confidence figures.
- Turkey's consumer confidence index fell to a record low of 54.9 in April from 58.2 in the prior month.
- USD/TRY is trading 0.1 percent higher at 6.9785, having hit a high of 6.9968 on Monday, its highest since August 2018.
- Investors now await the Central Bank of the Republic of Turkey's policy decision, where it is expected to cut its benchmark interest rate by 50 basis points to 9.25 percent.
- Immediate resistance is located at 7.0065, any close above could take it above 7.0102.
- On the downside, support is seen at 6.9306 (5-DMA) and break below could take it near 6.9126.