$USDTRY surpasses the 26.0000 mark and clinches new highs
Türkiye inflation loses further traction in June.Further depreciation of the Turkish currency liftsOn Wednesday, the USD/TRY continued its weekly rebound and surpassed the 26.0000 hurdle, as negative sentiment towards the Turkish lira persisted.
As the lira falls off the cliff, market participants are increasingly skeptical about the newly appointed economic team's ability to reverse the trend and restore credibility to both the government and the central bank. In the meantime, investors are expected to closely monitor upcoming decisions on monetary policy. By appointing Mehmet Simsek and Hafize Gaye Erkan, both former Wall Street bankers, to oversee the country's finances, President R. T. Erdogan seems to suggest a possible move away from heavy state intervention in favor of letting the market dictate the fair value of the currency.
In a broader sense, price action around the Turkish currency is expected to continue to revolve around the performance of energy and commodity prices, which are directly tied to developments from the Ukraine conflict, broad risk appetite trends, and dollar dynamics.: Persistent distrust over the CBRT credibility/independence. Absence of structural reforms. Bouts of geopolitical concerns.So far, the pair is gaining 0.48% at 26.0739 and faces the next hurdle at 26.0813 followed by 27.00 .
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