USD/TRY clings to mild gains around 26.72 heading into Thursday’s European session as it consolidates last Thursday’s heavy losses, the biggest since
Cautious mood ahead of Fed’s favorite inflation gauge prod Turkish Lira traders.
In doing so, the USD/TRY pair fails to justify the broad-based US Dollar losses amid fears of an end to the Federal Reserve’s hawkish cycle, backed by downbeat US data. The reason could be linked to the market’s lack of confidence in the Central Bank of the Republic of Türkiye’s capacity to tame the high inflation in Ankara despite taking tough decisions of late. On the same line could be the US Dollar’s positioning for this week’s top-tier inflation and employment clues.
Amid these plays, the S&P 500 Futures struggle to track Wall Street’s gains amid the market’s anxiety ahead of the key US data. However, the benchmark US 10-year Treasury bond yields remain pressured at the lowest levels in three weeks, around 4.11% by the press time. Price Index for August, expected to remain unchanged at 0.2% MoM but edge higher to 4.2% YoY from 4.1% prior.The 21-DMA hurdle of around 26.85 guards the immediate upside of the USD/TRY pair as it awaits the key Turkish/US data. It’s worth noting, however, that the pullback remains elusive beyond the 25.30. That said, the downbeat oscillators and repeated failure to cross the immediate DMA lure the pair sellers.
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