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USD/TRY turns positive on CBRT decision

FXStreet (Edinburgh) - The Turkish lira is now surrendering initial gains vs. the dollar, taking USD/TRY to the 2.91 area following the CBRT decision.

USD/TRY trims losses post-CBRT

The pair is strongly rebounding from the 2.8980 area after the Turkish central bank has kept unchanged its monetary policy stance at today’s meeting, leaving 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 consensus expectations.

Today’s decision was largely anticipated by investors, which remain more concerned on the domestic economic growth, financial stability and inflation in light of the November 1 elections. On the FX side, the lira is expected to keep tracking the broader risk appetite trends for the time being.

USD/TRY levels to consider

As of writing the pair is up 0.33% at 2.9099 facing the next hurdle at 2.9477 (55-day sma) followed by 2.9640 (high Oct.14) and finally 3.0754 (ytd high Sep.24). On the other hand, a breach of 2.8740 (low Oct.15) would expose 2.8398 (100-day sma) and then 2.7675 (38.2% Fibo of 2.2691-3.0754).

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