USD/TRY eyes fresh record high above 20.00 as Erdogan again wins Turkish Presidential election – by anilpanchal7 USDTRY RiskAversion Politics Fed NFP
, his dominance in the nation for more than two decades could allow the TRY bears to keep the reins amid hopes of less-costly funds despite higher inflation.
Elsewhere, upbeat US data and comments from the International Monetary Fund Managing Director Kristalina Georgieva, as well as some of the Federal Reserve officials, also favor the USD/TRY bulls. Looking ahead, Turkish Quarterly Gross Domestic Product and the US jobs report for May will be the key data to watch for the USD/TRY traders. However, major attention will be given to the US Congress voting on the debt ceiling deal.Although the overbought RSI conditions challenge the USD/TRY bulls, the pair’s bearish bias remains off the table unless it provides a sustained downside break of the previous resistance line from March, around 19.75 by the press time.
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