USD/TRY meets support in the 16.50 region so far By pabspiovano USDTRY Turkey Currencies Crosses
Türkiye Economic Confidence Index eased to 93.60 in June.Further gains in the Turkish currency now motivatesUSD/TRY gives away part of Tuesday’s advance and seems to resume the downside despite the better mood surrounding the greenback on Wednesday.
USD/TRY keeps digesting the recent sharp decline following another intervention in the FX markets by Ankara. : FX intervention by the CBRT. Progress of the government’s new scheme oriented to support the lira via protected time deposits. Constant government pressure on the CBRT vs. bank’s credibility/independence. Bouts of geopolitical concerns. Structural reforms. Upcoming Presidential/Parliamentary elections.So far, the pair is losing 0.01% at 16.6373 and a breach of 16.0365 would aim to 15.6684 and finally 15.2057 . On the flip side, the next up barrier emerges at 17.3759 seconded by 18.
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