Created
: 2024.08.20
2024.08.20 22:46
The Turkish lira weakens further and sends USD/TRY to fresh all-time highs in levels shy of the 34.0000 barrier on Tuesday.
USD/TRY extended its uptrend for yet another session on Tuesday, marking its fifth daily gain in a row so far.
Extra losses in TRY accelerated after the Turkish central bank (CBRT) maintained its One-Week Repo Rate at 50.00% for the fifth month in a row at its meeting on Tuesday.
The bank indicated that the underlying trend of monthly inflation had edged up slightly in July but remained below its second-quarter average. It also reiterated its commitment to maintaining a tight monetary stance until it observes "a significant and sustained decline in the underlying trend of monthly inflation" and expectations align with the projected forecast range.
The statement also mentioned that the monetary policy stance would be tightened if a significant and persistent deterioration in inflation is anticipated.
It is worth mentioning that, since 2022, the pair only closed in negative territory in three months (November 2022, August 2023, and May 2024). During that period, the lira depreciated around 165% vs. the Greenback.
At the time of writing, USD/TRY is up by 0.49% to 33.8716 and faces the next barrier at the all-time peak of 33.8737 (August 20). On the downside, there is provisional support at the 55-day SMA of 32.9085, seconded by the weekly low of 32.7623 (July 26) and the July bottom of 32.4595 (July 3).
Created
: 2024.08.20
Last updated
: 2024.08.20
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