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USD/TRY off highs post CBRT

FXStreet (Edinburgh) - The Turkish lira is depreciating beyond the 3.00 handle vs. the dollar on Tuesday, taking USD/TRY to as high as the 3.0360 area.

USD/TRY higher on CBRT decision

The pair has extended its daily upside after the Turkish central Bank (CBRT) has left unchanged its monetary policy stance at its meeting today, with the One-Week Repo Rate at 7.50%, the Overnight Borrowing Rate at 7.25% and the Overnight Lending Rate at 10.75%, all in line with market expectations.

The lira remains under pressure however, with domestic political effervescence being the almost exclusive driver behind TRY volatility.

USD/TRY levels to consider

The pair is now advancing 0.69% at 3.0270 facing the next resistance at 3.0359 (high Sep.22) followed by 3.0720 (high Sep.14). On the flip side, a breakdown of 2.9909 (low Sep.22) would expose 2.9732 (low Sep.17) and finally 2.9660 (low Sep.4).

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CBRT keeps policy unchanged

Broadly in line with market consensus, the Turkish central bank has left its monetary policy stance unchanged at today’s meeting, with the Overnight Borrowing Rate at 7.25%, the Overnight Lending Rate at 10.75% and the One-Week Repo Rate at 7.50%...
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