FxWirePro: USD/TRY hits 2-week peak, likely to break above 6.8600
Friday, July 3, 2020 11:36 AM UTC
- The Turkish Lira declined to a 2-week trough as the greenback gained across the board.
- The dollar nudged higher, supported by safe-haven flows amid a resurgence of the coronavirus in the United States.
- However, the downside in the Turkish currency appears limited as better-than-expected inflation data indicated the economy is recovering from the coronavirus impact.
- Turkey's consumer price inflation rate rose to 12.62 percent year-on-year in June, the highest since August 2019 and above market expectations of 12.09 percent.
- USD/TRY is trading 0.1 percent up at 6.8551, having hit a high of 6.8580 earlier, its highest since June 18.
- Immediate resistance is located at 6.8710, any close above could take it above 6.8885.
- On the downside, support is seen at 6.8368 (21-EMA) and break below could take it near 6.8288.