OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/TRY recovering ground near 2.83

FXStreet (Edinburgh) - The Turkish lira is surrendering part of yesterday’s string gains, taking USD/TRY to the vicinity of 2.8300.

USD/TRY firmer post-CPI

The pair has gathered further traction after domestic consumer prices have risen at a monthly pace of 1.55%, surpassing expectations at 1.35% and up from September’s 0.89% advance. Over the last twelve months, prices rose 7.58%.

TRY is giving away part of Monday’s significant gains following the victory of the AKP party on Sunday’s national elections, reaching nearly 50% of the votes. Despite AKP has now regained parliamentary majority, the political and social effervescence in the country seems far for abated.

USD/TRY levels to consider

At the moment the pair is up 0.08% at 2.8264 and a surpass of 2.8583 (100-day sma) would aim for 2.8768 (38.2% Fibo of 3.0756-2.7540) and finally 2.9559 (55-day sma). On the other hand, the next support aligns at 2.7540 (low post-elections Nov.2) followed by 2.7332 (200-day sma) and then 2.6240 (low Jul.14).

GBP/JPY trims gains ahead of UK data

The GBP/JPY pair trimmed gains ahead of the data in the UK, which could show the pace of construction activity slowed down in October.
Read more Previous

Riksbank's Deputy Governor Martin Floden

Riksbank's Deputy Governor Martin Floden was on the wires reiterating that the interest rates could be cut further and/or asset purchases could be extended if required.
Read more Next
Start livechat