FxWirePro: USD/TRY hits 1-week peak, major resistance at 21-EMA
Tuesday, June 9, 2020 10:58 AM UTC
- The Turkish Lira plunged to a 1-week trough as the greenback steadied against a basket of currencies.
- Moreover, the selling pressure around the Turkish currency intensified after World Bank stated that Turkey's economy to shrink in 2020 but rebound in 2021.
- The World Bank said it expects Turkey's economy to contract by 3.8 percent in 2020, after projecting a 0.5 percent growth in its previous estimate made in April.
- The World Bank in its June 2020 Global Economic Prospects report published on Monday, stated that growth is likely to pick up in 2021, with an estimated rate of 5 percent, as domestic demand gradually improves.
- USD/TRY is trading 0.2 percent higher at 6.7955, having hit a high of 6.7959 earlier, its highest since June 2.
- Immediate resistance is located at 6.8030, any close above could take it above 6.8126 (21-EMA).
- On the downside, support is seen at 6.7614 and break below could take it near 6.7452 (55-EMA).