The Turkish lira gathers extra steam and drags USD/TRY to new five-week lows near 26.30 on Thursday. USD/TRY lower on CBRT rate hike USD/TRY reverses
USD/TRY retreats to multi-week lows near 26.3000.The Turkish lira gathers extra steam and dragsUSD/TRY reverses a positive streak in place since August 9 in response to the larger-than-expected interest rate hike by the Turkish central bank on Thursday.
The bank’s statement said the decision comes to reinforce the monetary tightening process, underpin the disinflationary pressures, and anchor inflation expectations. In addition, the CBRT still believes that disinflation will be achieved at some point next year.So far, the pair is retreating 3.13% to 26.3272 and a break below 26.0325 would expose 25.8280 and finally 23.2553 . On the upside, the next hurdle comes at 27.2255 .
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